Share Market Today: Sensex Rises 290 Points; Nifty Hit New Record High Levels

Share market news: The two key equity benchmarks, Sensex and Nifty, hit their fresh record high levels in early trade on Thursday as CPI inflation slipped to 12-momth low in May . At 101.5 am the BSE Sensex was rose 284 points to 76,890. On the other hand, the NSE Nifty50 was trading at 23,408, up 85 points.

Stock update

On the 30-share Sensex platform, Wipro, HCL Tech, TechM, TCS, Titan, Kotak Bank emerged gainers. On the down side, HUL, PowerGrid, JSW Steel, NTPC, ICICI Bank, Maruti were among the losers.

In the broader markets, BSE Midcap index advanced 0.61 per cent and the Smallcap index gained 0.69 per cent.

Sectoral update

Sectorwise, except FMCG and Media, all other sectoral indices are trading in the green, with IT and realty up 1 per cent each.

In the previous session on Wednesday, the S&P BSE Sensex closed at 76,607, up 150 points, while the NSE Nifty50, which hit a record high of 23,442, settled at 23,323, up 58 points.

"There is good news on the inflation front, both in the US and in India. The takeaway from the inflation numbers is that the disinflation process is well on track. From the market perspective, this is positive news, particularly for banking stocks," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Global update

In Asian markets, Seoul, and Hong Kong quoted higher, while Tokyo and Shanghai traded lower. US markets ended mostly with gains.

Global oil benchmark Brent crude declined 0.36 per cent to $82.30 a barrel.

Foreign Institutional Investors (FIIs) bought equities worth Rs 426.63 crore on Wednesday, according to exchange data.

Rupee falls 6 paise

Meanwhile, the rupee depreciated 6 paise to 83.54 against the US dollar on Thursday, weighed down by the broad strength of the American currency in the overseas market and elevated crude oil prices. Forex traders said the local unit also faced some resistance owing to subdued macroeconomic data on the domestic front.

At the interbank foreign exchange market, the local unit opened at 83.52 and lost further ground to trade at 83.54 against the greenback, registering a loss of 6 paise from its previous closing level. On Wednesday, the rupee appreciated 11 paise to close at 83.48 against the US dollar. The dollar index, which gauges the greenback's strength against a basket of six currencies, was trading at 104.78, higher by 0.14 per cent.