Sensex and Nifty Reach Record Highs with Gains in Banking and Media Stocks
On June 26, Indian benchmark indices reached new record highs, driven by gains in banking and media stocks. The Sensex closed at 78,572.43, up 518.91 points, while the Nifty closed at 23,868.80, up 120.60 points.
Market Performance
The BSE Sensex soared to an all-time high of 78,759.40, closing at 78,674.25 with an increase of 620.72 points or 0.80%. Concurrently, the NSE Nifty 50 climbed 147.50 points or 0.62% to settle at 23,868.80, having hit a record high of 23,889.90 during the session.
Top Gainers and Losers
Leading the gains on the NSE Nifty 50 were Reliance Industries, Bharti Airtel, UltraTech Cement, ICICI Bank, and Grasim. Conversely, Apollo Hospitals, Mahindra & Mahindra, Bajaj Auto, Tata Steel, and Hindalco Industries emerged as the top laggards.
Sector Performance
The broader markets displayed mixed performance with the Nifty SmallCap rising by 0.11% and the MidCap slightly declining by 0.05%. Sector-wise, the Nifty Media rose by 1.7%, Nifty Bank by 0.5%, and Nifty FMCG by 0.4%. The Metal sector remained the top loser, dropping over 1.39%.
Investor Activity
Foreign investors made a substantial move by buying Indian equities, while domestic investors showed differing market sentiment by selling shares. Foreign portfolio investors (FPIs) sustained their buying streak for the 12th consecutive session, acquiring USD 141 million worth of shares on Tuesday. Since June 7, FPIs have invested a total of USD 3.7 billion in Indian equities, buoyed by reduced policy uncertainty. Domestic institutional investors (DIIs) have also been active, purchasing USD 1.6 billion worth of shares in the same period.
Gold and Silver Prices
Gold and silver prices are declining due to the Federal Reserve’s aggressive stance on maintaining higher interest rates, which increases US Treasury bond yields and limits precious metal gains. However, geopolitical tensions between Israel and Lebanon are supporting safe-haven demand. Gold is trading between Rs 71,000 and Rs 71,800, awaiting a breakout to establish a new trend.
