India’s benchmark Sensex Stock indices hit record highs on Wednesday, while nifty 50 Indian equities registered a new closing high amid sustained foreign inflows, supported by the country’s strong growth prospects.
s & P BSE The Sensex touched an all-time high of 63,588.31 before closing at 63,523.15.
The Sensex, though has gained over 4% so far this year, has underperformed the indices of countries such as Japan, Taiwan, South Korea, Vietnam and Sri Lanka. But, the Sensex was the first index to reach a record high this year.
blue chip smelly The index rose 0.21% to 18,856.85, a record close.
Amar Ambani, Head of Institutional Equities, Yes Securities, said, “After nearly eight months of consolidation, the Sensex has reached an all-time high.
“If monsoon doesn’t turn bad, 2023 will be a strong year for Indian equities. FPI money should flow into India.”
Foreign investors have invested Rs 738.12 billion ($8.99 billion) so far this fiscal. They were net sellers in the last two financial years, with a record outflow of Rs 1,400.10 billion in FY22.
India’s economic growth accelerated in the March quarter, while inflation eased, indicating that the country remains one of the fastest growing emerging economies.
On Wednesday, nine out of 13 major sectoral indices advanced, with higher-weighting financials gaining 0.68%.
Broader indices extended gains with midcaps rising 0.81% to a new high and Smallcap index hitting a 52-week high.
Among individual stocks, Shriram Finance jumped over 11% and set a record after Piramal Enterprises sold its entire 8.34% stake in the company.
Meanwhile the markets waited for the head of the US Federal Reserve Jerome PowellTestimony before the Financial Affairs Committee of the US House of Representatives.
s & P BSE The Sensex touched an all-time high of 63,588.31 before closing at 63,523.15.
The Sensex, though has gained over 4% so far this year, has underperformed the indices of countries such as Japan, Taiwan, South Korea, Vietnam and Sri Lanka. But, the Sensex was the first index to reach a record high this year.
blue chip smelly The index rose 0.21% to 18,856.85, a record close.
Amar Ambani, Head of Institutional Equities, Yes Securities, said, “After nearly eight months of consolidation, the Sensex has reached an all-time high.
“If monsoon doesn’t turn bad, 2023 will be a strong year for Indian equities. FPI money should flow into India.”
Foreign investors have invested Rs 738.12 billion ($8.99 billion) so far this fiscal. They were net sellers in the last two financial years, with a record outflow of Rs 1,400.10 billion in FY22.
India’s economic growth accelerated in the March quarter, while inflation eased, indicating that the country remains one of the fastest growing emerging economies.
On Wednesday, nine out of 13 major sectoral indices advanced, with higher-weighting financials gaining 0.68%.
Broader indices extended gains with midcaps rising 0.81% to a new high and Smallcap index hitting a 52-week high.
Among individual stocks, Shriram Finance jumped over 11% and set a record after Piramal Enterprises sold its entire 8.34% stake in the company.
Meanwhile the markets waited for the head of the US Federal Reserve Jerome PowellTestimony before the Financial Affairs Committee of the US House of Representatives.