The Indian stock market on Tuesday extended their gains for the fourth consecutive session and closed at a fresh record high.
The rally was supported largely by PowerGrid Corp and Titan, which were the major contributors to the positive momentum.
Both the Sensex and Nifty hit their all-time high. Sensex hit its fresh all-time high of 77,366.77 during the session while the Nifty 50 hit its fresh all-time high of 23,579.05.
Sensex closed 308 points, or 0.40%, higher at 77,301.14. Nifty 50 ended 92 points, or 0.39%, higher at 23,557.90.
Among the sectors, Nifty Realty (1.88%), Consumer Durables (1.59%) and Private Bank (1.10%) ended with significant gains.
Nifty Bank closed 0.88% higher, while the PSU Bank index rose 0.25%.
On the losing side were Nifty Media (0.64%), Pharma (0.35%) and Metal (0.22%).
On Nifty 50, the top gainers were Shriram Finance (3.22%), Power Grid (3.13%), Wipro (2.94%) and ICICI Bank (1.82%).
Maruti Suzuki (2.14%), Dr. Reddy’s Laboratories (1.60%) and UltraTech Cement (1.09%) ended as the top losers in the index.
Mid and smallcap indices outperformed the benchmarks; the BSE Midcap and Smallcap indices closed 0.43% and 0.96% higher, respectively.
The overall market capitalisation of the firms listed on the BSE rose to nearly Rs 437.3 lakh crore from nearly Rs 434.9 lakh crore in the previous session.
The rupee appreciated 13 paise to settle at 83.42 (provisional) against the US dollar buoyed by fresh inflow of foreign capital and a firm trend in domestic equity markets, wherein benchmark indices scaled new peaks.
At the interbank foreign exchange market, the local unit opened at 83.52 and hit the intraday high of 83.39 against the greenback during the session.
Shares of Mahindra and Mahindra (M&M) rallied 3% to Rs 3,008 to hit a new 52-week high in the Tuesday morning after international brokerage Nomura raised the target price citing multiple levers of growth.
RITES share price gained as the company signed an MoU with Damodar Valley Corporation (DVC), a statutory body under the Ministry of Power.
The share price of One97 Communications, the parent company of Paytm, witnessed a 3% downfall during Tuesday’s trading session.
In the global parameter, the S&P 500 achieved another record high fuelled by a surge in major US tech firms.
This marks the index’s 30th all-time high this year, despite concerns over limited market breadth and sustained US interest rates.