The Sensex opened 353.34 points higher and is currently trading at 65,071.90, an all-time high, while the Nifty is up 99.85 points and is trading at 19,288.90. The 30-share BSE Sensex jumped 449.46 points to reach its all-time high of 65,168.02 in early trade. The NSE Nifty climbed 128.95 points to hit its lifetime high of 19,318.
From the Sensex pack, HDFC, HDFC Bank, Mahindra & Mahindra, UltraTech Cement, Tata Steel, Bajaj Finance, State Bank of India, Reliance Industries, Bajaj Finserv and ICICI Bank were among the major gainers. Power Grid, Maruti, Tech Mahindra, IndusInd Bank, HCL Technologies and Axis Bank were the laggards.
In the Asian markets, Seoul, Tokyo, Shanghai and Hong Kong were trading in the green. On Friday, the US markets closed on a high note. Global oil benchmark Brent crude fell 0.01 per cent to USD 75.41 per barrel. According to exchange data, foreign institutional investors (FIIs) bought equities worth Rs 6,397.13 crore on Friday.
The Finance Ministry on Saturday said GST collections crossed Rs 1.60 lakh crore for the fourth time since the introduction of the indirect tax regime, rising 12 per cent to over Rs 1.61 lakh crore in June. The BSE benchmark on Friday closed at its lifetime high of 64,718.56, up 803.14 points or 1.26 per cent. The Nifty closed at a record high of 19,189.05, up 216.95 points or 1.14 per cent.
“The ongoing rally in global stock markets is mainly driven by the surprising and unexpected strength of the US economy (2 per cent GDP growth in the first quarter of 2023), despite a massive 500 bp rate hike by the Fed. Global markets, which was Geojit VK Vijayakumar, chief investment strategist at Financial Services, said warnings of a US recession by mid-2023 have turned out to be wrong and markets are now compensating for overly pessimistic discounting in 2022. Vijayakumar said continued FPI inflows (Rs 47,148 crore in June ) is the main driver of rally in India.
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