Rama Krishna Sangem
Finally key market yardstick BSE Sensex has crossed record 64,000 mark on June 30, Friday. The key benchmark indices notched-up record highs for the second straight trading session on June 30, Friday backed by all-round buying. IT, Auto and Capital Goods shares in particular logged strong gains.
The S&P BSE Sensex started the day with a 100-odd point gap-up, and went on to extend gains as the day progressed. The BSE benchmark scaled a high of 64,768.58 towards the fag end of the trading session, and finally ended with a solid gain of 803 points at 64,719. This has opened hopes for another record 70,000 mark by the year’s Diwali season.
In the process, the BSE benchmark index ended the week with a gain of 1,740 points or 2.8 per cent; June month with a gain 2,097 points or 3.4 per cent, and was up a solid 9.7 per cent or 5,727 points for the first quarter of fiscal year 2023-24.
The NSE Nifty 50 breached the 19,200-level for bit as the index registered its summit at 19,201.70, and settled 217 points stronger at 19,189 on Friday. Similarly, the NSE Nifty 50 was up 2.8 per cent for the week, and 3.5 per cent for the month. The NSE benchmark has galloped 10.5 per cent or 1,829 points in the quarter ended June 2023.
Nifty, Sensex fare better
As the market registers record highs, a total of 43 out of 50 Nifty stocks and 27 off the Sensex-30 shares were seen trading above their respective 200-day moving average (DMA). Going ahead, analysts see more upside.
On Friday, Mahindra & Mahindra up over 4 per cent was the top percentage gainer among the Sensex stocks. Infosys, IndusInd Bank and Sun Pharma rallied around 3 per cent each. Maruti, TCS, Larsen & Toubro, Tech Mahindra, Wipro, PowerGrid Corporation, HDFC, Tata Motors and HDFC Bank were the other major gainers. The HDFC twins were seen trading near their 52-week highs ahead of today’s board meeting.
In the broader market, the BSE MidCap and SmallCap indices finished with relatively modest gains, and were up 0.7 per cent and 0.5 per cent, respectively. Sectorally, the BSE IT index surged 2.3 per cent. The Capital Goods and Auto indices rallied around 1.8 per cent each.
Among others, shares of asset management companies soared up to 20 per cent after market regulator Sebi deferred its decision for an impending overhaul of the total expense ratio for mutual fund industry. HDFC AMC ended 12 per cent higher. Nippon Life India hit the 20 per cent upper limit in intra-day deals, and eventually ended with a gain of almost 15 per cent; and UTI AMC jumped over 8 per cent.