Adani group, financial stocks, FII inflows lift Nifty, Sensex today to all-time highs
时间:2024-06-29 03:10:01 阅读(143)
India’s blue-chip Nifty 50 hit a record high on Wednesday after struggling to breach the level for several sessions, lifted by gains in Adani group stocks and heavyweight financials, with foreign fund inflows and a monsoon revival providing support. The Nifty index rose as much as 0.56% to a record high of 18,923.10, as of 10:47 a.m. IST. The index last hit a new peak in December 2022 and was just shy of the all-time high last week before hawkish central bank commentary spooked investors.
The S&P BSE Sensex also rose 0.52% to a fresh all-time high of 63,745.57 on Wednesday. The Sensex had already hit a record high last week, while the midcaps and smallcaps hovered around fresh record and 52-week highs, respectively. The moves in the local indexes contrasted with a sombre mood in Asian peers, where global growth concerns overshadowed upbeat U.S. economic news. TMSCI’s broadest index of Asia-Pacific shares outside Japan was little changed on Wednesday.
Foreign portfolio investors have bought 859.83 billion rupees ($10.49 billion) worth of equities in fiscal 2024 so far, after offloading 1.4 trillion rupees and 376.32 billion rupees in FY22 and FY23, respectively. Most sectoral indexes logged gains, with HDFC and HDFC Bank extending gains after announcing plans to complete their proposed merger on July 1.The Adani Group’s flagship Adani Enterprises was the top gainer on the Nifty, rising as much as 4.6% on several block deals.
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However, he believes that the impact on the Indian market is going to be temporary since there could be some short-term impact on flows into Indian equity markets. But since the Indian economy is on a strong wicket and will continue to remain resilient.
“Improved fiscal situation, controlled current deficit, stable interest scenario combined with good corporate earnings should lead to limited impact on the Indian bond market and equity market too,” he added.
The midcap and smallcap indices took a bigger knock with the BSE MidCap fell 2.51%, while BSE SmallCap index dived 4.18%. According to Amnish Aggarwal, head, research, Prabhudas Lilladher, the valuations were already high and some correction was expected. “If the situation sustains as it is then further correction can’t be ruled out,” Aggarwal said.
Telecommunication and industrials indices were the top laggards with BSE Telecommunication declining 3.82%, followed by BSE Industrials falling 3.26%. JSW Steel (-2.99%), Tata Steel (-2.52%) and Tata Consultancy Services (-2.44%) were the top losers of Sensex.
Surprisingly, both foreign portfolio investors and domestic institutional investors were net buyers today. While, FPIs net bought shares worth Rs 252.25 crore, DIIs have purchased shares worth Rs 1,111.84 crore, as per provisional data from exchanges.
Calling this a “normal phenomena” Pankaj Pandey, head, research, ICICI Direct said, “I will not really give too much weight to a single day buying figure. Amid concerns of elevated interest rate and geopolitical tensions, in a typical market cycle, 8-10% correction is possible at any point in time.”
The brunt of geopolitical conflict, elevated interest rates and rising crude oil prices was also felt by other Asian- Pacific markets. Jakarta Composite Index lost 1.57% followed by Shanghai Composite Index and PSEi, which fell 1.47% and 0.89%, respectively. Nikkei and KOSPI declined 0.83% and 0.76%.
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