Stock Market Update: Sensex Nifty at all-time highs after Indian PM takes the oath

NSE and BSE Experience Surge as Sensex and Nifty Hit Record Highs

Written by: Supriya Kadu

Edited by: Pinky Deshmukh

Last Updated: June 10, 2024

Stock Market News: Sexsex and Nifty have hit the all-time high with the Indian PM taking the oath for the third consecutive time.

Power Grid was the biggest Nifty gainer among the all, up by 3.4% and rising to ₹320.

The Indian equity benchmarks gave Modi 3.0 a big thumbs up on Monday, leaping to record highs on optimism of a stable government pursuing economic policy continuity and macroeconomic reforms. The Sensex surged nearly 350 points to an all-time high of 77.079, while the Nifty 50 index advanced 122 points to a new high of 23,411.90.

As of 9:17 a.m., the Nifty 50 index had gained 70 points to 23,395 and the Sensex had gained 310 points to 77,010.

Most Asian markets were trading on a downbeat tone, except Japan's Nikkei, which gained 0.5%. South Korea's KOSPI sank 0.52%, Taiwan's weighted dropped 0.25%, Hong Kong's Hang Seng fell by 0.59%, and Thailand's SET index fell 1%.

At home, buying was evident in all key sector gauges, with the exception of the National Stock Exchange's measure of IT share, which was trading higher led by the 1.8% gain in the Nifty Realty index. There was also buying interest in the following industries: oil and gas, healthcare, PSU bank, financial services, auto, and banking shares.

The Nifty Midcap 100 index increased by 0.94% while the Nifty Smallcap 100 index gained 1.9%, indicating buying enthusiasm in broader markets as well.

The highest Nifty gainer was Power Grid, whose shares increased 3.4% to ₹320. There were also increases of 1.4% to 2.2% at Cipla, Axis Bank, Ultratech Cement, Adani Enterprises, Adani Ports, Reliance Industries, and State Bank of India.

On the other hand, as the US Federal Reserve is probably going to hold back on cutting rates for a bit longer, IT companies including Tech Mahindra, Infosys, Wipro, LTI Mindtree, HCL Technologies, and TCS were among the top Nifty losers.

With 2,511 shares rising and 692 shares falling on the BSE, the overall market breadth was incredibly bullish.