The two key equity benchmarks, Sensex and Nifty, on Tuesday extended their gains and opened at new record highs as investor sentiment remained stable. At 9.36 am, the BSE Sensex jumped 226 points to 65,432. On the other hand, the NSE Nifty50 gained 50 points to 19,372.
On the 30-share Sensex platform, Bajaj twins led gains rallying 7 per cent following Bajaj Finance's new loans booked during Q1FY24 grew 34 per cent to 9.94 million. Wipro, TCS, Titan, L&T, TechM were the other gainers. On the downside, Airtel, Reliance, NTPC, Tata Steel, UltraCemco, ITC emerged early losers. Hero Moto was the additional winner on the Nifty.
In the broader markets, the BSE Midcap and Smallcap indices rose up to 0.57 per cent.
Sectorwise, Nifty Financials, IT, and Consumer Durables led gains, up 0.5-1 per cent, while oil & gas, metal, and FMCG pockets were trading in the red.
In the previous session on Monday, the BSE Sensex closed at a new fresh high of 65,205, surging 486 points, while the Nifty50 jumped 133 points to shut shop at 19,322.
"The unabated surge in FPI inflows will keep the market resilient. The sharp U turn in FPI investment from Rs 34,146 crore of selling in the first two months of this year to Rs 90,986 crore of buying in the last two months has turned the market decisively in favour of bulls. The surge in the market during the last 4 sessions was led mainly by the HDFC twins and RIL with some support from ITC. It is important to remember that these stocks have strong and improving fundamentals," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
In Asian markets, Shanghai, and Hong Kong were trading in the green while Seoul and Tokyo quoted lower. The US markets ended in the positive territory on Monday.
Global oil benchmark Brent crude climbed 0.64 per cent to $75.13 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,995.92 crore on Monday, according to exchange data.
Meanwhile, the rupee gained 4 paise to 81.87 against the US dollar in early trade on Tuesday supported by a bullish trend in domestic markets and steady foreign fund inflows. However, a strong US dollar and surge in crude oil prices capped sharp gains for the local unit, forex traders said.
At the interbank foreign exchange, the domestic unit opened at 81.90 against the dollar and then rose to 81.87, registering a gain of 4 paise over its previous close, as benchmark indices touched all-time highs.
In initial trade, the rupee also touched a low of 81.95 against the American currency. On Monday, the rupee closed at 81.91 against the US currency.