Share Market At Record High: Sensex Rises Above 79,000; Nifty Trades Around 24,000

Share market today: The two key equity benchmarks, Sensex and Nifty, on Thursday erased early losses and are trading higher amid mixed global cues. At 10.30 am, the BSE Sensex jumped 333 points to 79,007. On the other hand, the NSE Nifty50 was trading at 23,966, up 98 points.

Stock update

On the 30-share Sensex platform, UltraCemco, JSW Steel, Reliance, Kotak Bank, Tata Steel, Axis Bank emerged gainers. On the down side, HCLTech, Maruti, TechM, Sun Pharma, M&M, L&T were among the losers.

In the broader market, Nifty Midcap gained 0.41 per cent while SmallCap advanced 0.26 per cent.

Sectoral update

Sectorwise, except IT and auto, all other indices are trading in the green. Nifty IT became the top loser, dropping 0.50 per cent. Media and Metal gained 0.85 per cent and 0.59 per cent, respectively.

In the previous session on Wednesday, the BSE Sensex benchmark closed at 78,674, rising 621 points, while the NSE Nifty50 ended at 23,869, up 148 points.

Global update

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were trading lower. US markets ended in the positive territory on Wednesday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 3,535.43 crore on Wednesday, according to exchange data.

Global oil benchmark Brent crude declined 0.21 per cent to $85.07 a barrel.

Rupee rises 8 paise

The rupee appreciated 8 paise to 83.49 against the US dollar in early trade on Thursday, as crude oil prices retreated from their elevated levels. Forex traders said the strength of the American currency in the overseas market and foreign fund outflows weighed on the local unit and restricted the upmove.

At the interbank foreign exchange market, the local unit opened at 83.56 and gained further ground to trade at 83.49 against the greenback in initial deals, registering an increase of 8 paise from its previous closing level.

On Wednesday, the rupee depreciated 14 paise against the US dollar and settled at 83.57.

"Stronger fundamentals such as stable inflation, accelerated economic growth, higher business activity, and a controlled Current Account Deficit offer a counterbalance supporting the rupee. Additionally, continuous RBI intervention has also helped prevent significant rupee depreciation," CR Forex Advisors MD Amit Pabari said.