Sensex scales new peak, Nifty nears 20,000 mark-as bull run continues

Sensex scales new peak, Nifty nears 20,000 mark-as bull run continues

Ira Singh
20 July’23

The Indian equity market indices continued to make a record high on Thursday, marking the sixth consecutive day of a winning streak,driven by consistent foreign fund inflows and several positive factors. A strong start to the earnings season, a bullish US market, and favorable monsoon conditions contributed to the remarkable surge.

At close,the Sensex was up 474.46 points or 0.71 percent at 67,571.90, while the Nifty was up 146 points or 0.74 percent at 19,979.15.

Stocks and Sectors
ITC, Kotak Mahindra Bank, Dr Reddy’s Laboratories, ICICI Bank, and Cipla were the biggest gainers on Nifty, while the losers included Reliance Industries, Infosys, UltraTech Cement, HCL Technologies, and Bajaj Finserv.

On the sectoral front FMCG, bank, and pharma indices rose 1 percent each, with the Oil & Gas index up 0.5 percent. On the other hand, the Information Technology index was down 0.8 percent, and the power index fell 0.4 percent, according to sources.

The BSE Midcap and Smallcap indices ended on a flat note.

On 20th July’23, the Indian rupee gained 12 paise to close at 81.96 against the US dollar on,as domestic equity benchmarks scaling all-time high levels and weakness in the American currency overseas boosted investor sentiments. Besides, steady foreign fund inflows into domestic capital markets also supported the local unit, forex traders said.

Experts Take:
Market experts have recommended six stocks to buy or sell for Thursday -Jindal Steel, Tata Motors, Voltas, PNB, A Capital, Divi’s Lab.