Market Wrap: Sensex, Nifty end at fresh record closing highs; investors richer by over ₹5 lakh crore in a day
Nifty, extended their record-setting spree on Monday (July 17). The domestic market rose despite weak global cues stemming from concerns over an economic slowdown in major economies, particularly after China disclosed its second-quarter growth figures. Both key indices hit fresh record highs in intraday trade and closed the day at new closing highs, showcasing the resilience and strength of the domestic market amidst challenging global circumstances.
"China reported economic growth of 0.8 per cent in the second quarter, above the 0.5 per cent forecasted, while the annual pace slowed more than expected to 6.3 per cent, well below expectations for a reading of 7.3 per cent, reported Reuters. US stocks futures and major Asian and European peers were in the red when the Sensex closed as China's weak growth data raised worries about the global economy.
Sensex opened 87 points higher at 66,148.18 against its previous close of 66,060.90 and rose 595 points to hit its fresh record high of 66,656.21. The index cooled off slightly and closed 529 points, or 0.80 per cent, higher at 66,589.93 which is its fresh closing peak.
The Nifty closed at its fresh closing high of 19,711.45, up 147 points, or 0.75 per cent. Shares of HDFC Bank were the top contributors to the gains in the Sensex index as they alone contributed 213 points to the Sensex.
They were followed by the shares of Reliance Industries which contributed 169 points. (More to come)Get the best recommendations on Stocks, Mutual Funds and more based on your Risk profile!
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