Indian markets surged further in the week ending June 30, with benchmarks hitting lifetime highs, primarily driven by extended buying from FIIs, mixed global markets despite potential future US Fed rate cuts, steady monsoon progress, and the RBI governor’s confidence in a 7.2 percent growth for the current financial year.
The BSE Sensex gained 1,822.83 points or 2.36 percent, closing at 79,032.73, while the Nifty50 index added 509.5 points or 2.16 percent, ending at 24,010.60. On June 28, both the BSE Sensex and Nifty50 touched record highs of 79,671.58 and 24,174, respectively. Throughout June 2024, both benchmarks surged 6.5 percent each.
The BSE Large-cap Index rose 2 percent, led by Indus Towers, UltraTech Cement, Grasim Industries, Reliance Industries, Dr. Reddy’s Laboratories, and Info Edge India. However, IndusInd Bank, Cipla, Eicher Motors, DLF, Havells India, Life Insurance Corporation of India, Vedanta, Tata Steel, and Adani Total Gas declined.
The BSE Mid-cap Index increased by 0.4 percent, supported by LIC Housing Finance, Whirlpool of India, Star Health & Allied Insurance Company, Persistent Systems, Indraprastha Gas, and Godrej Industries. Losers included NMDC, Union Bank of India, Oberoi Realty, New India Assurance Company, Vedant Fashions, APL Apollo Tubes, and Gujarat Fluorochemicals.
The BSE Small-cap Index gained 0.4 percent, with Black Box, Kalyani Investment Company, Garden Reach Shipbuilders & Engineers, India Cements, GTL Infrastructure, Pilani Investment and Industries Corporation, Nalwa Sons Investment, PNB Gilts, Sharda Motor Industries, Rossell India, Bombay Burmah Trading Corporation, Solara Active Pharma, and Gulf Oil Lubricants India rising 20-34 percent. However, Wardwizard Innovations and Mobility, Arman Financial Services, Tips Industries, Fino Payments Bank, SG Finserve, S H Kelkar & Company, AGS Transact Technologies, Swan Energy, and CreditAccess Grameen fell 10-19 percent.
In terms of market value, Reliance Industries added the most, followed by Tata Consultancy Services, ICICI Bank, and UltraTech Cement. On the other hand, Tata Steel, Maruti Suzuki India, and IndusInd Bank saw the biggest losses in market-cap.
Among sectors, the Nifty Energy index rose 3.3 percent, the Nifty Oil & Gas index added 3 percent, and the Nifty Information Technology index increased 2.7 percent. Conversely, the Nifty Realty index shed 2.4 percent, the Nifty Media index slipped 2.3 percent, and the Nifty Metal index declined 1.7 percent.
Foreign institutional investors (FIIs) continued their buying spree, purchasing equities worth Rs 4,622.19 crore, while Domestic Institutional Investors (DIIs) bought equities worth Rs 7,186.13 crore.
The Indian rupee gained against the US dollar, ending 16 paise higher at 83.38 on June 28, compared to its June 21 closing of 83.54.
