D-St indices resume record run, bucking global selloff
indices advancing 0.5%. The Nifty briefly surpassed 19,500 — a crucial resistance — and the Sensex moved closer to the 66,000 mark.Reliance Industries as well as state-owned oil and gas companies, property, automobile and heavyweight financials were at the vanguard of Thursday's rally that also pushed the broader market to newer heights. After halting the five-day winning run on Wednesday, the Sensex hit fresh highs on Thursday.
The index topped 65,832.98 — beating the previous high of 65,672.97 — to close at 65,785.64, up 339.60 points or 0.52% from the previous close. The Sensex had hit a closing high of 65,479.05 on Tuesday. The Nifty also beat Tuesday's 19,434.15 to scale a new peak of 19,512.20.
The gauge of top 50 companies by market value closed at 19,497.30, up 98.80 points or 0.51% from the previous close. Nifty's previous closing high was 19,398.50. The market capitalisation of BSE-listed firms hit a new high of ₹301.7 lakh crore ($3.7 trillion) on Thursday, exchange data showed.
«We see this mature-looking rally in Indian equities to continue,» said Gautam Shah, founder and chief strategist, Goldilocks Premium Research. «There is a disconnect between India and the rest of the world with too many favourable factors, whether fundamental or technical, supporting the current rally.» Shah expects India to outperform other global markets through July and the remaining part of the year and sees the Nifty testing 20,400 by the end of calendar 2023.FPIs Buy Shares Worth Net ₹2,641 cr Sectors such as automobiles, textiles, metals, pharmaceuticals and IT should do well, he said. «Liquidity remains strong and investors should stay put when the tide is in favour by investing in stocks and sectors showing relative
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