MY KOLKATA EDUGRAPH
ADVERTISEMENT
regular-article-logo Sunday, 19 May 2024

Benchmark indices surge to record heights, Sensex roars past 75000 mark for the first time

Analysts said participants booked profits ahead of US inflation data and the minutes of the meeting of the US Fed that will be released on Wednesday, though the undertone remains encouraging

Our Special Correspondent Mumbai Published 10.04.24, 11:57 AM
Representational image

Representational image File picture

Benchmark indices surged to record heights on Tuesday with the Sensex surpassing the 75000 mark for the first time — only to fall victim to profit taking later in the day.

The 30-share BSE Sensex ended lower by 58.80 points at 74683.70 after rising 381.78 points or 0.51 per cent to reach an all-time high of 75124.28.

ADVERTISEMENT

On the NSE, the Nifty closed 23.55 points or 0.10 per cent lower at 22642.75. During intra-day trades, it climbed 102.1 points or 0.45 per cent to hit a record peak of 22768.40.

Analysts said participants booked profits ahead of US inflation data and the minutes of the meeting of the US Fed that will be released on Wednesday, though the undertone remains encouraging.

They added that with the results season commencing Friday, the immediate term could witness stock specific action even as investors will remain focussed on other factors such as the general elections and the weather conditions.

The Reserve Bank of India has cautioned that production outcomes of key vegetables warrant close monitoring, given the forecast of above normal temperatures in the coming months.

"The Indian market reached a fresh intra-day peak before seeing profit-booking at higher levels in anticipation of Wednesday's key US inflation data, which carries weight in determining future rate cuts by the US Fed," Vinod Nair, head of research, Geojit Financial Services, said.

"Concerns have emerged amidst recent better-than-anticipated US employment and manufacturing data, suggesting a potential shift in expectations regarding rate cuts this year."

Siddhartha Khemka, head — retail research, Motilal Oswal Financial Services, said while sector-wise buying was seen in realty and financials, the metal index witnessed a smart rally on the back of a surge in global prices and strong domestic demand.

Follow us on:
ADVERTISEMENT