Stock markets: Sensex, Nifty touch fresh record high levels in early trade; Rupee rises against dollar

Stock markets: Equity benchmark indices Sensex and Nifty continued their record-breaking rally on Tuesday, reaching new all-time high levels in early trade, amid fresh foreign fund inflows and buying in banking counters. A positive trend in the US markets on Monday also contributed to the domestic benchmark indices optimism.

The 30-share BSE Sensex jumped 395.57 points to reach its record intra-day peak of 66,985.50. The NSE Nifty climbed 99.8 points to hit its all-time high of 19,811.25.

From the Sensex pack, IndusInd Bank, Axis Bank, HDFC Bank, ICICI Bank, Infosys, Hindustan Unilever, Maruti and Asian Paints were among the biggest gainers. Bharti Airtel, Tech Mahindra, Titan, UltraTech Cement, Tata Consultancy Services and Tata Steel were among the laggards. In Asian markets, Tokyo quoted in the green, while Seoul and Shanghai were trading lower.

The US markets ended in positive territory on Monday. Foreign Institutional Investors (FIIs) continued their buying activity as they bought equities worth Rs 73 crore on Monday, according to exchange data.

“The global market construct continues to be favourable for the bulls. The declining dollar and the capital flows to emerging markets that it triggers can impart resilience to the market. However, high valuations and possible profit booking can restrain the rally. A healthy consolidation can be the near-term trend,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Global oil benchmark Brent crude climbed 0.38 per cent to USD 78.80 a barrel. The BSE benchmark had jumped 529.03 points or 0.80 per cent to settle at its new all-time closing high of 66,589.93 on Monday. The Nifty went up by 146.95 points or 0.75 per cent to end at a record high of 19,711.45.

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Rupee rises against US dollar 

The rupee was trading in a narrow range against the US dollar in the morning session on Tuesday, as the support from positive domestic equities and weak American currency was negated by rising crude oil prices.

Market participants remain cautious ahead of retail sales data from the US and the UK’s inflation data this week, forex traders said. At the interbank foreign exchange, the domestic unit opened at 82.01.

 In early trade, the rupee also touched a high of 81.97 against the American currency. On Monday, the rupee had settled at 82.03 against the dollar. Traders said domestic equity benchmarks scaling all-time high levels and weakness in the American currency overseas boosted investor sentiments and restricted the depreciating bias. The dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.09 per cent to 99.74.

(With PTI inputs) 

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