Sensex and Nifty reach new lifetime highs in early trade

Early trading on Tuesday saw the equity benchmark indexes Sensex and Nifty reach new alltime highs propelled by a surge in global markets and robust purchasing of IT stocksIn early trading the 30share BSE Sensex increased 37968 points to a record high of 7985587 The Nifty reached a record high of 2423635 up 944 points reported PTIAccording to the report among the Sensex stocks the top gainers were Power Grid HDFC Bank Bharti Airtel Infosys HCL Technologies and Tata Consultancy Services ICICI Bank Kotak Mahindra Bank Bajaj Finance and Tata Motors all experienced decreasesProfit booking surfaced despite the positive start which led the indices to reduce early gains and trade in negative territory The larger NSE Nifty dropped 2565 points or 011 per cent to 2411630 points while the BSE Sensex slid 7793 points or 010 per cent to 7939826 pointsThe BSE benchmark closed at an alltime high of 7947619 on Monday up 44346 points or 056 per cent The Nifty increased by 13135 points or 055 per cent to end at 2414195 a new alltime high the report addedPer the news report Seoul saw a decrease on Tuesday but Tokyo Shanghai and Hong Kong saw positive activity On Monday US markets concluded the day higherAccording to sources on Monday Indias gross GST collection rose by 8 per cent to Rs 174 lakh crore in June The benchmark for world oil Brent crude increased 023 per cent to USD 8680 a barrelAccording to market data foreign institutional investors FIIs sold stocks on Monday for a total of Rs 42603 crore the report addedRupee falls 12 paise to 8356 against US Dollar in early tradeMeanwhile in early trade on Tuesday the rupee fell 12 paise to 8356 against the US dollar weighed down by the dollars strength in global markets and rising crude oil pricesForex traders noticed that oil importers and foreign portfolio investors FPIs purchased US dollars as US yields rose putting more pressure on the currency The rupee opened at 8351 versus the dollar on the interbank foreign exchange market before falling to 8356 a 12paise drop from its previous closing levelOn Monday the rupee had already depreciated by 10 paise to settle at 8344 against the US dollar Initially the rupee saw dollar inflows and rose to 8337 but was then sold off to 8344 levels as oil companies and FPIs bought dollars in response to rising US yields explained Anil Kumar Bhansali Head of Treasury and Executive Director at Finrex Treasury Advisors LLP the report addedBhansali predicted that the rupee would reach 8355 before settling around 8345 with a day trading range of 8340 to 8355Meanwhile the dollar index which measures the greenbacks strength against a basket of six currencies was trading slightly higher at 10591 up 002 per cent following a rise in US government yields as investors weighed the potential consequences of a second Trump administrationBrent crude futures the global oil benchmark rose by 022 per cent to USD 8680 per barrelWith PTI inputs