- Sensex hit 64,050 while
Nifty touched 19,011 level for the first time, with gains across all sectors in intra-day trade. - Titan, Bajaj Finance, State Bank of India, ITC, Larsen & Toubro were among the major gainers.
- Encouraging monsoons and earnings resilience are the reasons for the bull market performance, say analysts.
Sensex hit 64,050.44 while Nifty touched 19,011 level for the first time, with gains across all sectors.
NTPC, Tata Motors, Titan, Larsen & Toubro, Reliance Industries, IndusInd Bank, Infosys, HDFC Bank and Power Grid were among the major gainers, while
The US markets ended significantly higher on Tuesday. Tokyo quoted in the green while Seoul, Shanghai and Hong Kong were trading lower. Global oil benchmark Brent crude climbed 0.61% to $72.7 a barrel.
Christy Mathai, fund manager-equity at Quantum AMC said that Indian markets are at an all-time high, driven by strong inflows from the FII the past few months. As per exchange data, FIIs bought equities worth ₹2,024 crore on Tuesday.
“Growth hurdles of the Indian economy have corrected to a large extent. Infrastructure has been improving consistently, corporate balance sheet strength has improved, and the financial system is in a robust state to fund the potential growth. Despite the recent rally, fundamentals point to the possibility of strong earnings growth in the medium term,” Mathai added.
Analysts also say that the long-term average makes a strong case for reasonable returns as earnings upcycle gains strength.
“Nifty all-time high reflects the confluence of two factors, namely, the relative earnings resilience of India Inc. based on strong bottom-up drivers in a difficult global macro environment and post late start, the encouraging recent progress of monsoons across India," Trideep Bhattacharya, CIO-Equities, Edelweiss Mutual Fund said.
A Kotak Institutional Equities report on June 26 said that there is very little value in most parts of the market. “We struggle to find ideas in the consumption, investment and outsourcing sectors after the sharp run-up in several of our favored sectors and stocks in the past two months. The BFSI sector is the only sector that offers value although even insurance stocks have rallied in the past few days,” the report said.
(With inputs from IANS and PTI)