Stock market today: Sensex, Nifty 50 open at record high; midcap, smallcap indices follow

  • Sensex surged over 500 points to trade above 77,100 level, while the Nifty 50 rallied more than half a percent to around 23,480. Bank Nifty index rose 115 points to trade above 50,000-mark.

Ankit Gohel
Published13 Jun 2024, 09:34 AM IST
Stock market today: Sensex, Nifty 50 open at record high.
Stock market today: Sensex, Nifty 50 open at record high.(Photo: Bloomberg)

Indian stock market opened at record high on Thursday led by strong buying across the board amid positive global market cues. The benchmark indices, Sensex surged over 500 points to trade above 77,100 level, while the Nifty 50 rallied more than half a percent to around 23,480.

Broader markets supported the rally as the Nifty Midcap 100 and the Nifty Smallcap 100 indices gained over half a percent each and touched their life-time high levels. Bank Nifty index rose 115 points to trade above 50,000-mark.

Among sectors, Nifty IT, Nifty Realty, Nifty Metals, Nifty Auto, Nifty PSU Bank and Nifty Financial Services led the gains, while Nifty FMCG and Nifty Media were the only indices to trade in the red.

Also Read: Top Stock Recommendations: Osho Krishan suggests buying these two stocks today

HDFC Life Insurance, LTI Mindtree, Divi’s Laboratories, Shriram Finance and Wipro were the top gainers on the Nifty 50 constituents, while Tata Consumer Products, Britannia Industries, Hindustan Unilever, Cipla and Eicher Motors were the top losers.

Positive global cues and favourable domestic economic data led the rally in the Indian stock market. The domestic equities followed an upmove in Asian markets and US stock market after softer than expected US inflation data and the US Federal Reserve policy decision.

Read here: US Fed holds key rates elevated at 23-year high, expects single 0.25% reduction in 2024; 5 key takeaways from Fed Policy

The US consumer price index (CPI) came in at 3.3% in May, down 0.1 percentage point from April’s 3.4%.

Meanwhile, the US Federal Reserve kept its benchmark interest rate unchanged for the seventh straight meeting on Wednesday and said that “modest” progress had been made toward its long-term inflation target of 2%. The Fed Chair Jerome Powell-led Federal Open Market Committee (FOMC) officials signaled that they expect to cut their benchmark interest rate just once this year.

On the domestic front, India’s retail inflation based on the consumer price index (CPI) fell to 4.75% in May from 4.83% in April, touching the lowest in a year.

India’s factory output rose 5% in April from 4.9% in March and 5.6% in February.

Read here: Retail inflation eases, factory output ticks higher in May, boosting Indian economy

“There is good news on the inflation front, both in the US and in India. In US May CPI inflation has declined slightly less-than-expected to 3.3% with MoM inflation remaining flat. However the economy continues to remain strong and there are no clear signs of labour market loosening. Therefore, the Fed chief Jerome Powell has kept rates unchanged and has hinted at only 1 rate cut in 2024 and possibly 4 rate cuts in 2025,” said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

In India May CPI inflation has declined to 4.75% and core inflation has come at only 3.1%. This paves the way for a rate cut by the MPC in October. The takeaway from the inflation numbers is that the disinflation process is well on track. From the market perspective, this is positive news, particularly for banking stocks, he added.

Catch Stock Market Live Updates here

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.MoreLess

News in Numbers

Numbers that help you understand news better
₹68,885 Cr

3.15L

48%

₹6.7 T

$240.5 M

$459 M

$3 B

₹588.25 Cr

₹20,000 Cr

7.93 Cr

₹8,943 Cr

10%

20 Yrs

First Published:13 Jun 2024, 09:34 AM IST
HomeMarketsStock MarketsStock market today: Sensex, Nifty 50 open at record high; midcap, smallcap indices follow

Most Active Stocks

Tata Steel

157.75
03:43 PM | 19 JUL 2024
-8.6 (-5.17%)

Tata Power

414.15
03:59 PM | 19 JUL 2024
-15.85 (-3.69%)

Bharat Electronics

306.30
03:45 PM | 19 JUL 2024
-7.2 (-2.3%)

Zee Entertainment Enterprises

137.55
03:57 PM | 19 JUL 2024
-4.9 (-3.44%)
More Active Stocks

Market Snapshot

  • Top Gainers
  • Top Losers
  • 52 Week High

Tata Teleservices Maharashtra

102.11
03:59 PM | 19 JUL 2024
4.68 (4.8%)

Rail Vikas Nigam

614.00
03:59 PM | 19 JUL 2024
27.65 (4.72%)

Jubilant Pharmova

752.25
03:43 PM | 19 JUL 2024
25.3 (3.48%)

One 97 Communications

458.70
03:55 PM | 19 JUL 2024
13.65 (3.07%)
More from Top Gainers

Recommended For You

    More Recommendations

    Gold Prices

    • 24K
    • 22K
    Bangalore
    76,272.001,173.00
    Chennai
    76,124.001,465.00
    Delhi
    75,533.001,021.00
    Kolkata
    75,089.00-450.00

    Fuel Price

    • Petrol
    • Diesel
    Bangalore
    102.86/L0.00
    Chennai
    100.76/L0.00
    Kolkata
    104.95/L0.00
    New Delhi
    94.72/L0.00
    OPEN IN APP
    HomeMarketsPremiumInstant LoanBudget