Sensex surpasses 64,000 mark, Nifty reaches 19,000 with Adani emerging as top gainer

The country's blue-chip Nifty 50 and Sensex stock indexes rallied about 1% each to hit record highs on Wednesday.

People stand outside the Bombay Stock Exchange (BSE), after Sensex surpassed the 60,000 level for the first time, in Mumbai, India | Reuters/Francis Mascarenhas

Bengaluru: India’s blue-chip Nifty 50 and Sensex stock indexes rallied about 1% each to hit record highs on Wednesday, lifted by gains in some Adani group stocks and heavyweight financial stocks.

The Nifty index rose as much as 1.03% to a record high of 19,011.25 as of 1:55 p.m. IST, after struggling to breach the level last week amid hawkish central bank commentary.

The S&P BSE Sensex rose 0.98% to an all-time high of 64,037.10.

The Sensex had already hit a record high last week, while the midcap index and smallcap index hovered around fresh record and 52-week highs, respectively.

Twelve of the 13 major sectoral indexes logged gains, with HDFC and HDFC Bank extending gains after announcing plans to complete their proposed merger on July 1.

Adani group flagship Adani Enterprises was the top gainer on the Nifty, rising as much as 4.6% on a report that GQG Partners and other investors bought around $1 billion of additional stake in the conglomerate’s firms.

“A combination of stable macros, resilience in underlying economy, and steady corporate earnings has drawn foreign investor inflows towards India,” said Mayuresh Joshi, head of equity research at William O’Neil & Co.

Foreign portfolio investors have bought 859.83 billion rupees ($10.49 billion) worth of equities in fiscal 2024 so far, after offloading 1.4 trillion rupees and 376.32 billion rupees in FY22 and FY23, respectively.

IT, which earns a significant share of revenue from the U.S. and Europe, rose as much as 0.68% as robust economic data pointed at resilience in the world’s largest economy.

The moves in the local indexes, however, contrasted with a sombre mood in Asian peers, where global growth concerns overshadowed the upbeat U.S. economic news. The MSCI’s broadest index of Asia-Pacific shares outside Japan dipped on Wednesday. [MKTS/GLOB]

Analysts, however, cautioned that the market could consolidate again as valuations were at uncomfortable levels.

($1 = 81.9950 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia Cheema and Janane Venkatraman)

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