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BusinessIndian equity markets hit fresh peaks, Nifty closes above 22,500

Indian equity markets hit fresh peaks, Nifty closes above 22,500


The domestic stock markets opened on a positive note today and maintained the momentum to hit fresh all-time highs. The benchmark indices Sensex and Nifty surpassed their previous closing records as buying activity intensified across key sectors.

Sensex rallied over 350 points from its opening value to reach an intraday high of 74,369. Similarly, the Nifty index added 144 points initially and advanced further to settle above the 22,500 mark for the first time ever. Banking, oil & gas and metals stocks led the benchmarks' northward journey on robust quarterly earnings.

Most of the Nifty constituents ended the day in green territory. HDFC Bank, NTPC, PowerGrid and Tata Steel were among the top gainers, climbing over 2%. Vodafone Idea declined 3% after shareholders approved plans to raise funds via convertible warrants.

Globally, oil futures hovered near the $90 per barrel level on supply constraints. Gold prices consolidated above Rs 69,000 after breaching the Rs 70k level recently. The rupee depreciated further against the US dollar due to strong American economic data and expectations of aggressive rate hikes.

Analysts feel the markets may now enter a phase of consolidation after the recent rally and pick up pace again on the back of corporate earnings. Investors are eyeing results from heavyweights across autos, capital goods and pharmaceuticals hoping for healthy bottomlines. Overall, bulls seem to be firmly in command of D-Street for the time being.

The Northlines is an independent source on the Web for news, facts and figures relating to Jammu, Kashmir and Ladakh and its neighbourhood.

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