Markets hit new record highs for second straight session; Sensex breaches 69K – Times of India

Indian stock markets opened at fresh record highs on Tuesday for a second session in a row, driven by robust macroeconomic indicators, anticipation of a US interest rate reduction in March, and the victory of the ruling party in crucial state elections.
As of 9:15 am, the NSE Nifty 50 index climbed 0.59% to reach 20,808.90 points, while the S&P BSE Sensex experienced a 0.44% increase, reaching an unprecedented level of 69,168.53.
Among the Sensex firms, Adani Enterprises and Adani Ports sustained their gaining momentum and traded higher by 4.40% and 4.37%, respectively. BPCL, Axis Bank, Mahindra & Mahindra and SBI were the other major gainers.
On the other hand, HCL Tech, Infosys and Bajaj Auto traded in the negative zone with a loss of up to 1.54%.
As many as 20 stocks of the 30-share benchmark were trading in the positive territory. Among Nifty stocks, 29 shares registered gains.
Foreign institutional investors purchased shares worth Rs 2,073.21 crore on Monday, according to exchange data.
The massive institutional buying is a reflection of institutional confidence in the Indian market, said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
“It is important to understand that FPIs have reversed their selling strategy and have been consistent buyers during the last 7 days. There is accumulation happening in the frontline banking stocks. This, along with short covering and reasonable valuations, will keep this segment strong.
“The market has the potential to go up by another 5 per cent in the next many weeks. Beyond that valuations will get stretched inviting correction in the market,” he added.
Markets on Monday soared more than 2 per cent to settle at record high levels, marking the fifth straight day of gains as the BJP’s victory in assembly polls in three states boosted investor sentiment.
Analysts said BJP’s clear majority in Madhya Pradesh, Rajasthan and Chhattisgarh state polls strengthened the positive sentiment built up last week following robust macroeconomic numbers and unabated foreign fund inflows.
Besides, crude oil prices hovering below $80 per barrel fuelled investors sentiment.
The 30-share BSE Sensex jumped 1,383.93 points, or 2.05 per cent, to close at a lifetime high of 68,865.12. The index touched an intra-day record peak of 68,918.22. The barometer logged its biggest single-day jump since May 20, 2022.

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