Santa rally on D-Street! Nifty50 hits fresh record high for 3rd session
Nifty50 hitting a record high on Tuesday, following gains in Asian peers ahead of key inflation data and the US Federal Reserve policy decision.
The BSE Sensex was trading 76 points or 0.11% higher at 70,005, while Nifty50 was trading at 21,028, up 31 points or 0.15% at around 9.23 am.
The current rally is bolstered by strong macroeconomic data, a decline in crude oil prices, favourable global interest rate outlook, the resurgence of foreign inflows and sustained inflows from domestic mutual fund investors.
From the Sensex pack, Tata Steel, JSW Steel, M&M, ITC, and Asian Paints opened higher, while Infosys, L&T, Bharti Airtel, Titan, and NTPC opened with cuts.
Dixon Technologies shares rose over 6% after the company's unit secured a manufacturing contract from Lenovo to make laptops and notebooks under the production-linked incentives (PLI) scheme.
Rail Vikas Nigam (RVNL) also surged 4% after the joint venture of the company emerged as the lowest bidder for a project worth Rs 543 crore.
Mankind Pharma shares fell nearly 5% amid reports of a block deal executed on the counter.
Sector-wise, Nifty Media surged 2.34% and Nifty FMCG gained 0.7%. Nifty Bank and Nifty Financial Services also opened higher.
In the broader market, Nifty Midcap100 gained 0.33%, while Smallcap100 rose 0.5%.
India's retail inflation data is due at 5:30 p.m. IST.
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