Indian stock market at record high; Sensex hits 64,000-mark, Nifty surpasses 19,000 points

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  • Sensex jumped 621.07 points to hit its all-time high of 64,037.10 during afternoon trade. The NSE Nifty leaped 193.85 points to reach its lifetime peak of 19,011.25 
  • Sensex and Nifty hit their record high levels on Wednesday amid a rally in the US and European markets as well as inflows of fresh foreign funds. 
  • The 30-share BSE Sensex touched the record 64,000 mark, while Nifty scaled the 19,000 mounts. 
  • Foreign investors have bought more than $16 billion worth of Indian stocks on a net basis so far in 2023 – set to be the biggest inflow in three years. 
  • “Strong domestic growth prospects, ongoing policy reforms as well as robust credit growth are tailwinds contributing to the outperformance of Indian equities,” said an investment strategist.

Foreign investors have bought more than $16 billion worth of Indian stocks on a net basis so far in 2023 – set to be the biggest inflow in three years. In addition, the nation stood out in August, when overseas funds sold shares in almost every other Asian emerging market amid a global selloff

A record stock-market valuation and surging foreign inflows make for a great backdrop as Prime Minister Narendra Modi looks to tout India’s growing prominence to world leaders at this weekend’s Group of 20 summit in Delhi.

Boosted by one of the world’s fastest-growing economies, solid corporate earnings and an unprecedented retail investing boom, the nation’s equity benchmark is also approaching an all-time high.

The milestones are a stark contrast to many emerging-market peers, not least to neighboring China, whose economic woes and struggling financial markets have become a source of frustration for global investors. In fact, troubles at its biggest EM rival have only burnished India’s appeal.

“Strong domestic growth prospects, ongoing policy reforms as well as robust credit growth are tailwinds contributing to the outperformance of Indian equities,” said an investment strategist.  “The shift to a multi-polar world would also likely benefit India,” with the government moving to make doing business in India more attractive- he added.

Extending its previous day’s rally, Sensex jumped 621.07 points to hit its all-time high of 64,037.10 during afternoon trade. The NSE Nifty leaped 193.85 points to reach its lifetime peak of 19,011.25.

“Strong institutional flows, healthy macros, and robust earnings growth drove domestic market towards its new highs,” the news agency quoted an expert as saying.

Buying in market heavyweight stocks including Reliance Industries and HDFC Bank also aided the positive momentum. NTPC, Tata Motors, Titan, Larsen & Toubro, Reliance Industries, IndusInd Bank, Infosys, HDFC Bank, and Power Grid were among the major gainers in the Sensex pack.

In Asian markets, Tokyo and Hong Kong are quoted in the green. European markets in trading in the positive territory. The US markets ended significantly higher on Tuesday. Global oil benchmark Brent crude also climbed 0.08 percent to USD 72.32 a barrel. As per the exchange data, foreign institutional investors (FIIs) bought equities worth Rs 2,024.05 crore on Tuesday.

(With inputs from agencies)

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