Mumbai Equity Indices Reach New Highs, Retreat Amid Global Weakness
Mumbai, July 19, 2024 (PTI)
Early trading on Friday saw India’s benchmark equity indices scaling new peaks, only to falter later in the session under the weight of subdued global cues.
The 30-share BSE Sensex surged to an all-time high of 81,587.76 during initial trading, showcasing strong investor sentiment. However, the index relinquished some gains to close lower by 166.93 points at 81,176.53.
Similarly, the NSE Nifty, after touching a fresh record of 24,854.80 at the opening bell, retreated by 73.1 points to settle at 24,727.75.
Sectoral Performance: Among the major constituents of the Sensex, Tech Mahindra, UltraTech Cement, Tata Steel, JSW Steel, Sun Pharma, and Power Grid were notable underperformers, contributing to the index’s decline.
Corporate Highlights: Infosys bucked the trend with a nearly 3% increase in its share price, bolstered by a 7% rise in consolidated net profit to Rs 6,368 crore for the April-June quarter. The company also raised its growth forecast for the fiscal year, signaling robust performance in the IT sector.
Other gainers included Asian Paints, ITC, Nestle, and Adani Ports, which added to the positive sentiment during the session.
Global Market Overview: Contrary to the buoyant domestic market, Asian markets including Seoul, Tokyo, Shanghai, and Hong Kong reported losses, influenced by weak global cues. Meanwhile, US markets closed lower on Thursday, further impacting sentiment.
Commodity Market Trends: Global oil benchmark Brent crude declined by 0.41% to USD 84.76 per barrel, reflecting mixed sentiment in the commodity markets.
Investor Activity: Foreign Institutional Investors (FIIs) remained net buyers in the Indian equity markets, injecting Rs 5,483.63 crore on Thursday, as per exchange data.
Previous Day’s Performance: On Thursday, the BSE Sensex surged by 626.91 points to settle at a record closing high of 81,343.46. Similarly, the broader Nifty climbed by 187.85 points to close at an all-time high of 24,800.85, marking robust gains.
Despite the intraday volatility, market participants remain cautiously optimistic amid ongoing corporate earnings and global economic developments.
