Nifty hits record high, sensex rises 290 points in early trade

15 July,2024 10:15 AM IST |  Mumbai  |  mid-day online correspondent

The 30-share BSE Sensex increased by 290.46 points to 80,809.80, while the NSE Nifty advanced 95.85 points to a new record high of 24,598.

Representative image


In early trade on Monday, the Nifty hit a new all-time high, while the Sensex rose 290 points, boosted by buying in IT sectors and fresh foreign capital inflows. A surge in global markets added to the upward trend in equities. The 30-share BSE Sensex increased by 290.46 points to 80,809.80, while the NSE Nifty advanced 95.85 points to a new record high of 24,598, reported PTI.

According to the report, HCL Technologies led the gains, rising more than 3 per cent after reporting a 20.4 per cent increase in consolidated net profit to Rs 4,257 crore for the June quarter and forecasting revenue growth of 3-5 per cent in FY25. Other significant winners included UltraTech Cement, Tata Motors, Maruti, NTPC, Mahindra & Mahindra, Tata Consultancy Services, Kotak MahindraBank, Tata Steel, Asian Paints, Power Grid, and Axis Bank were among the laggards.

In Asian markets, Seoul and Shanghai were up, while Hong Kong was down. On Friday, the US markets ended positively. Foreign Institutional Investors (FIIs) purchased securities worth Rs 4,021.60 crore on Friday, according to exchange statistics, the PTI report stated and added that global oil benchmark Brent crude rose 0.20 per cent to USD 85.20 per barrel.

On Friday, the BSE benchmark rose 622 points, or 0.78 per cent, to a record closing level of 80,519.34, having reached an all-time high of 80,893.51 earlier in the day. The NSE Nifty gained 186.20 points, or 0.77 per cent, to a record closing high of 24,502.15, the report added.

Rupee falls 4 paise to 83.55 against US Dollar in early trade

Meanwhile, in early trade on Monday, the rupee fell 4 paise to 83.55 against the US dollar, weighed down by the US dollar's strength and rising crude oil prices. Positive growth in domestic markets and considerable foreign capital inflows supported the rupee, restricting its decline.

At the interbank foreign currency market, the rupee began at 83.53 and fell to 83.55 against the US dollar, a 4-paise drop from Friday's closing level of 83.51. The dollar index, which measures the dollar's strength against a basket of six currencies, was at 104.21, up 0.11 per cent. Brent crude prices rose 0.11 per cent to USD 85.14 per barrel, reported PTI.

Despite the tensions, the rupee has remained constant versus the dollar, holding around 83.50, according to CR Forex Advisors MD Amit Pabari. The Reserve Bank of India (RBI) appears determined to keep the rupee from falling below 83.70, despite rising oil prices.

Positive economic factors, such as healthy growth, stable inflation, a smaller fiscal deficit, record-high RBI foreign exchange reserves, and a steady pipeline of inflows, are projected to boost the rupee. Meanwhile, the Reserve Bank of India said that India's currency reserves increased by USD 5.158 billion to USD 657.155 billion in the week ending July 5.

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