Stock Market Closes At Record Highs: Sensex Jumps 474 Points, Nifty Nears 20,000. Pharma, FMCG Lead

Stock update: On the 30-share Sensex platform, ITC was the top gainer, up 2.78 per cent, Kotak Bank, ICICI Bank, Maruti, Airtel, SBI were among the winners

In the broader market, the BSE Midcap ended flat, while the BSE Smallcap index gained 0.19 per cent.

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The two key equity benchmarks, Sensex and Nifty, on Thursday staged a robust rally after initial hiccups due to volatility. The S&P BSE Sensex touched a new high of 67,616, before closing at 67,572, up 474 points. On the other hand, the Nifty50 inched closer to the 20,000-mark. The index hit a fresh record high of 19,992 in the intra-day trade before ending at 19,979, up 146 points.

On the 30-share Sensex platform, ITC was the top gainer, up 2.78 per cent, Kotak Bank, ICICI Bank, Maruti, Airtel, SBI were among the winners. On the downside, Infosys, UltraCemco, HCL, Bajaj Finserv, Titan, TCS emerged losers.

#ABPLiveStockMarketWatch | The benchmark indices exhibited a steady rally on Thursday, as the Nifty50 hits a fresh record intraday high of 19,992

At 03:30 PM, #Sensex gains 474 points to 67,572 & #Nifty up 146 points to close at 19,979

Here's a look at the stocks in focus… pic.twitter.com/dMbuUhH6qF

— ABP LIVE (@abplive) July 20, 2023

In the broader market, the BSE Midcap ended flat, while the BSE Smallcap index gained 0.19 per cent.

Sectorwise, the Nifty Pharma and FMCG indices added 1.3 per cent each, and the Nifty Bank and Private Bank indices rose 1 per cent each.

The market discovered price of Jio Financial Services as Rs 261.85 per share, much higher than most brokerages’ estimates. The resultant ex-JFS value of Reliance Industries came around Rs 2,589. The shares, eventually, settled at Rs 2,624.

In the previous session on Wednesday, the Sensex settled 302 points higher at 67,097 levels, while the Nifty50 closed at 19,833, up 84 points.

Foreign Institutional Investors (FIIs) continued their buying activity as they bought equities worth Rs 1,165.47 crore on Wednesday, according to exchange data.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended lower.

European markets were trading in the green. The US markets ended in the positive territory on Wednesday.

Global oil benchmark Brent crude climbed 0.13 per cent to $79.56 a barrel.

Meanwhile, the rupee gained 12 paise to close at 81.96 (provisional) against the US dollar on Thursday, as domestic equity benchmarks scaling all-time high levels and weakness in the American currency overseas boosted investor sentiments.Besides, steady foreign fund inflows into domestic capital markets also supported the local unit, forex traders said.

At the interbank foreign exchange market, the local unit opened at 82.05 against the US dollar and settled 12 paise higher at 81.96 (provisional) against the previous close. During the day, the domestic unit witnessed an intra-day high of 81.97 and a low of 82.05. On Wednesday, the rupee had closed at 82.08 against the dollar.