Recently, the 30-share BSE broke record by reaching all-time high 64,050.44 on Wednesday, 28 June. The main driving factors are gains in automobiles, banks, PMI, domestic air passenger & GDP.
As a result of a 1% increase in trading, the Sensex achieved an all-time high of 64,050.44 points, while the Nifty rose 1.03% to 19,011.25.
Mr. Amar Ambani, the head of institutional securities, YES securities said that, it is after 8 months consolidation that the Sensex’s break the record because of the inflation rate falling fast, and key inputs like oil, natural gasses, lumber, and steal falling off significantly.
Also, foreign institutional investors sold around 1,943 crore rupees of Indian equities on total on Tuesday. On the other hand, domestic investors bought around 1,973 crore rupees of shares, according to the provisional data of NSE.
HDFC was the top gainer in Nifty and their stock rose up to 1.03% reaching Rs.658.20 trade, while Wipro reached up to 1.39 percent.
The NSE Nifty has hit around 18,875.90 on 21st June, being 10 points away from its record it established in the intraday trading as high as 18,887.60 points in December. Additionally, the Sensex had reached 63,284.19 points equally on that day.
Axis securities PMS’ chief investment officer, Naveen Kulkarni said that the Nifty 50 earnings can grow up to 15% CAGR for the upcoming 2 years.
Experts also claimed that such a positive outturn of the Sensex was because of the astounding performance of the corporate sector in the March quarter.
Thus, it can be said that such a positive outcome of Sensex is excellent news for the upcoming stock market index. Businesses are growing and may induce more investors to tune in the stock market.
