Stock Market: Sensex, Nifty Hit Fresh Record Highs In Early Deals; Power, IT Lead

Stock update: On the 30-share Sensex platform, NTPC, IndusInd Bank, PowerGrid, Infosys, Bajaj Finance, Reliance were among the lead gainers

In the broader markets, the BSE Midcap and Smallcap indices rose 0.3 per cent and 0.5 per cent, respectively.

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The two key equity benchmarks, Sensex and Nifty, on Wednesday hit fresh record highs in early deals as investors look at Q1FY24 results of India Inc. At 9.45 am, the S&P BSE Sensex rose 207 points to 67,002. On the other hand, the NSE Nifty was trading at 19,804, up 55 points.

On the 30-share Sensex platform, NTPC, IndusInd Bank, PowerGrid, Infosys, Bajaj Finance, Reliance were among the lead gainers. On the downside, M&M, Maruti, Asian Paints, Airtel, TCS, ICICI Bank emerged losers. Among specific shares, L&T Technology Services were down 0.3 per cent after the company registered 13 per cent YoY rise in net profit to Rs 311.1 crore in Q1FY24. Revenue from operations, however, saw a 14.7 per cent YoY jump to Rs 2,301 crore.

#ABPStockMarketWatch | Key benchmarks on Wednesday hit fresh record highs in early deals

At 9:30 AM, #Sensex rose by 265 points to 67,060 & #Nifty by 72 points to 19,821

Here's a look at the stocks in focus:#ABPLive #MarketWatch pic.twitter.com/6e3ro9PMQI

— ABP LIVE (@abplive) July 19, 2023

In the broader markets, the BSE Midcap and Smallcap indices rose 0.3 per cent and 0.5 per cent, respectively.

All the sectoral indices were trading higher led by power index up 1 per cent. Nifty IT index (up 0.76 per cent), the Nifty Bank index (0.45 per cent), and the Nifty Metal index (0.37 per cent). Only auto is trading in the red. 

In the previous session on Tuesday, the S&P BSE Sensex closed at 66,795, up 205 points, after hitting an all-time high of 67,007 during the day. On the other hand, the Nifty50, closed 38 points up at 19,749, from a record peak of 19,819.

The Asian Development Bank (ADB) on Wednesday retained India's economic growth forecast at 6.4 per cent for the current financial year and 6.7 per cent for the next, saying robust domestic demand will continue to support the region's recovery.

"The market continues to be resilient, supported by favourable global set-up and sustained FII inflows. It is important to understand that the ongoing global market rally is primarily driven by the strength of the US economy, which is, so far, showing no signs of recession that the markets had feared and discounted in 2022," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. In India, an extra push is being provided by sustained FII flows, Vijayakumar said.

In Asian markets, Tokyo quoted in the green while Seoul, Shanghai, and Hong Kong traded lower. The US markets ended in the positive territory on Tuesday.

Global oil benchmark Brent crude dipped 0.21 per cent to $79.46 a barrel.

Foreign Institutional Investors (FIIs) continued their buying activity on Tuesday as they bought equities worth Rs 2,115.84 crore, according to exchange data.

Meanwhile, the rupee depreciated 8 paise to 82.12 against the US dollar in early trade on Wednesday tracking the strength of the American currency in the overseas markets. Traders said domestic equity benchmarks scaling all-time high levels and sustained foreign fund inflows boosted investor sentiments and restricted the depreciating bias.

At the interbank foreign exchange, the domestic unit opened at 82.08, then touched 82.12, registering a decline of 8 paise over its last close. On Tuesday, the rupee had settled at 82.04 against the dollar.