New Delhi: Benchmark equity index Sensex crossed the 66,000 mark for the first time on Thursday tracking Asian peers, as a slowdown in US inflation bolstered market sentiment, and eased concerns over domestic inflationary pressures.
BSE Sensex rose to a fresh record high of 66,052. The Nifty 50 index also hit a new all-time high of 19,532.25.
The moderation in US inflation eased concerns around the surge in domestic retail inflation in June, as well as the signals of demand softness issued by leading IT companies Tata Consultancy Services and HCL Tech.
The ongoing global rally in stock markets will get a further mild boost from the latest US consumer inflation for June which was better than market expectation, said V.K. Vijayakumar, chief investment strategist at Geojit Financial Services. Also, core inflation has dipped below 5% and this is a clear indication that the disinflation process is on in the US and might persuade the Fed to pause once again in July, he added.
Banking and financial services stocks also rallied, adding to the gains. Tata Consultancy Services Ltd, Infosys Ltd, Tech Mahindra Ltd and Wipro Ltd were among the top Sensex gainers. Hindalco Industries Ltd, HDFC Life Insurance Company and SBI life Insurance Company also supported the gains on Nifty.
Midcap and smallcap stocks also scaled fresh highs, supporting gains in the indices.
Helped by strong foreign inflows, the Indian rupee strengthened to 82.05 to a dollar, up 20 paise from its previous close
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Updated: 13 Jul 2023, 12:11 PM IST