Sensex, Nifty 50 ends at fresh record high,led by IT stocks

Sensex, Nifty 50 ends at fresh record high,led by IT stocks

Ira Singh
18 July’23

The Indian equity market indices continued its record rally and extended the winning streak on the fourth consecutive session on Tuesday,amid fresh foreign fund inflows and buying in banking counters. A positive trend in the US markets on Monday also contributed to the domestic benchmark indices optimism.Besides,buying was seen in the IT (information technology), power and capital goods stock.

At close, the Sensex was up 205.21 points or 0.31 percent at 66,795.14, and the Nifty was up 37.80 points or 0.19 percent at 19,749.25.

Stocks and Sectors

Infosys, Asian Paints, HCL Technologies, Reliance Industries and Hero MotoCorp were among the biggest gainers on the Nifty, while losers included LTIMindtree, Britannia Industries, State Bank of India, HDFC Life and Titan Company.

On the sectoral front,metal and realty indices down nearly 1 percent each and PSU Bank index fell 1 percent, while power index up 0.6 percent and information technology index up 1 percent, according to sources.

BSE midcap index ended flat, while smallcap index shed 0.4 percent.

On 18 July’23,settles flat to close at 82.03 against US dollar.

Experts Take:

“The global market construct continues to be favourable for the bulls. The declining dollar and the capital flows to emerging markets that it triggers can impart resilience to the market. However, high valuations and possible profit-
booking can restrain the rally. A healthy consolidation can be the near-term trend,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Market experts have recommended following stocks to buy for Tuesday- Kotak Mahindra Bank, Reliance Industries, Firstsource Solutions, Piramal Pharma, DLF, and Bajaj Finance.