Markets continue to rally; Nifty hits fresh record high in early trade

PTI

Mumbai, December 12

Equity benchmark indices maintained their winning run in early trade on Tuesday, with the benchmark Nifty hitting its fresh all-time high level, amid an optimistic trend in global markets, continuous foreign fund inflows and favourable macroeconomic data.

The 30-share BSE Sensex climbed 96.15 points to 70,024.68 in early trade. The Nifty went up by 34.40 points to hit a record level of 21,031.50.

Among the Sensex firms, Tata Steel, Mahindra & Mahindra, ITC, JSW Steel, UltraTech Cement and Bajaj Finance were the major gainers.

Bharti Airtel, Infosys, Larsen & Toubro and Maruti were among the laggards.

The BSE benchmark surged past the 70,000-level for the first time on Monday, reaching its record intra-day peak of 70,057.83. It ended at 69,928.53, registering a gain of 102.93 points or 0.15 per cent.

The Nifty gained 27.70 points or 0.13 per cent to settle just below the 21,000 level at 20,997.10, its all-time closing high.

“The fundamental factor supporting the rally which has taken the market to record highs is the series of positive news: Q3 GDP growth rate of 7.6%, CPI inflation falling to 4.87%, manufacturing PMI rising to 56, Brent crude declining to $76 and FPIs turning buyers aided by correction in the US 10-year bond yield to 4.23%,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

These positive economic news is being strengthened by expectations of political stability after the 2024 general elections, he added.

“Markets will be keenly watching the inflation print from the US tonight and the Fed’s message on Wednesday,” Vijayakumar said.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the postitve territory.

The US markets ended with gains on Monday.

Global oil benchmark Brent crude climbed 0.32 per cent to USD 76.27 a barrel on Tuesday.

Foreign Institutional Investors (FIIs) bought equities worth Rs 1,261.13 crore on Monday, according to exchange data.

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