MARKET MORNING SESSION: In an awe-inspiring display of market performance, the equity benchmark indices Sensex and Nifty surged to unparalleled heights in the morning session of July 19. This remarkable feat was driven by an influx of foreign funds and a prevailing optimism stemming from the U.S. markets.
Furthermore, the markets received a significant boost from the notable rise in Reliance Industries and HDFC Bank, two prominent players in the index majors, thus ensuring the continued upward trajectory.
Undeterred by preceding accomplishments, the BSE Sensex embarked on its fifth consecutive day of rallying, ascending by 293.59 points to establish an all-time intra-day pinnacle of 67,088.73 in the early hours of trade. Similarly, the NSE Nifty observed a commendable surge of 80.3 points, propelling it to an unprecedented intra-day high of 19,829.55.
Among the constituents of the Sensex, NTPC, IndusInd Bank, Infosys, Power Grid, Tech Mahindra, Wipro, Reliance Industries, and HDFC Bank reigned supreme as the most substantial gainers, commanding attention with their remarkable performance.
An impressive surge of nearly 2% was observed in IndusInd Bank, following the company's announcement of a 30% surge in consolidated net profit for the period of April-June, amounting to Rs. 2,124.50 crore. This remarkable achievement can be attributed to robust core income growth and reduced provisions for bad loans.
On the flip side, Maruti, Mahindra & Mahindra, Asian Paints, Tata Consultancy Services, Bharti Airtel, and Nestle lagged behind their counterparts, registering comparatively weaker performance in the market.
Foreign Institutional Investors (FIIs) continued their buying spree, as evidenced by their substantial equity investments totaling Rs. 2,115.84 crore on Tuesday, as reported by exchange data.
Meanwhile, the U.S. markets concluded on a positive note, contributing to the prevailing optimism. In the realm of global oil benchmarks, Brent crude experienced a marginal decline of 0.21%, settling at $79.46 per barrel.
The Asian Development Bank (ADB) affirmed its forecast for India's economic growth, maintaining a projection of 6.4% for the ongoing financial year and 6.7% for the subsequent period. The bank anticipates that robust domestic demand will persist, fostering the recovery of the region.
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