Stock Market: Indices Inch Closer To December Record Highs. Sensex Rises By 60 Points, Nifty Above 18,850. Metal Leads

Stock update: On the 30-share Sensex platform, Bajaj Finserv, Titan, Bajaj Finserv, L&T, Sun Pharma, Tata Steel Nestle were trading in the green

In the broader markets, the BSE Midcap and Smallcap indices gained up to 0.62 per cent.

Source : Getty

The two key equity benchmarks, Sensex and Nifty, on Monday moved closer to record highs in early morning trade on Monday. The S&P BSE Sensex gained 116 points to 63,500 nearing the previous record high level of 63,583 hit on December 1, 2022. However, later it dipped a bit. At 9.47 am, the Sensex was trading higher by 63 points to 63,448. On the other hand, the Nifty50, which hit 18,871, was trading at 12 points to 18,838. Nifty’s previous all-time high was 18,887 touched in December 1, 2022.

On the 30-share Sensex platform, Bajaj Finserv, Titan, Bajaj Finserv, L&T, Sun Pharma, Tata Steel Nestle were trading in the green. On the downside, NTPC, HUL, ICICI Bank, HCL, Kotak Bank emerged losers.

#ABPLiveStockMarketWatch | Sensex and Nifty, which inched closer to December highs, are trading flat on Monday.

At 10:01 AM, #Sensex went up by 18 points to 63,484 & #Nifty by 0.50 points to 18,826

Here's a look at the stocks in focus:#StockMarket #StockMarketPrices #Trading pic.twitter.com/oUUdVawKWF

— ABP LIVE (@abplive) June 19, 2023

In the broader markets, the BSE Midcap and Smallcap indices gained up to 0.62 per cent. The indices hit their new highs for sixth consecutive day.

Among sectors, the Nifty Metal index gained 0.8 per cent, followed by the Nifty Pharma index 0.5 per cent.

In the previous session on Friday, the BSE benchmark ended with a gain of 467 points or 0.74 per cent at 63,385, while the NSE Nifty 50 settled 138 points or 0.74 per cent higher at 18,826.

"There are two significant trends in the market now: One, this rally is broad based with the participation of most sectors except large-cap IT. Two, mid and small-caps are outperforming large caps. This trend is likely to continue in the near-term. The FII buying support to the rally continues with an investment of Rs 7,272 crore during the last 4 trading days," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong traded lower. The US markets ended lower on Friday.
  
Global oil benchmark Brent crude declined 1.48 per cent to $75.48 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 794.78 crore on Friday, according to exchange data.

Meanwhile, the rupee fell by 6 paise to 81.96 against the US dollar in early trade on Monday amid a strong American currency against major rivals overseas. FII inflows into local equities and falling crude price failed to support the Indian currency, analysts said.

At the interbank foreign exchange, the domestic unit opened lower at 81.93 and hit the lowest level of 81.98 before trading at 81.96, registering a fall of 6 paise over its previous close. On Friday, the rupee settled at 81.90 against the dollar.