D-Street tests fresh peaks as FPIs continue to buy
shares marched higher on Tuesday in choppy trade that saw leading stock benchmarks eke out modest gains to extend their record-breaking run for the fifth consecutive session. Benchmark indices advanced 0.4% to hit fresh all-time highs but the broader markets underperformed as traders digested the recent run on Dalal Street in what has been a stellar three months for Indian equities against a backdrop of rising interest rates, hawkish central bank commentaries, lingering fears of a global recession, and ongoing geopolitical tensions. On Tuesday, the Sensex hit a new high of 65,672.97, surpassing Monday's high of 65,300.35.
The index closed at 65,479.05, up 274 points or 0.42% from the previous close. The Sensex had hit a closing high of 65,205.05 on Monday. The Nifty also scaled a new high of 19,434.15, beating its previous record of 19,345.10.
The gauge of top 50 companies by market value closed at 19,389, up 66.45 points or 0.34% from the previous close. Nifty's previous closing high was 19,322.55. The market capitalisation of BSE-listed firms touched a fresh record of over ₹298.57 lakh crore ($3.65 trillion).
«The market breadth continues to be overbought and our markets might be susceptible to throwbacks, especially as both indices broke out after a six-month consolidation,» said Viraj Vyas, derivatives and technical analyst, institutional equities, Ashika Group. He added that 19,400 and 19,500 are two psychological resistance levels for the Nifty. On Tuesday, foreign portfolio investors (FPIs) were net buyers of Indian shares for the fifth session in a row.DIIs Net Sellers Overseas funds purchased shares in the cash segment worth a net ₹2,134.33 crore, showed provisional data from the stock exchanges.
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