- Date : 03/07/2023
- Read: 3 mins
Looking for an amazing market triumph? Discover how Nifty and Sensex achieved remarkable new life highs on Monumental Monday. Don't miss out!
- Nifty, Sensex hit record highs for 3rd day
- Markets buoyed by strong cues from Asian peers
- Inflation triggers hint at slowdown
- Nifty tops 19300, Sensex soars past 65000
- Banking, financial stocks lead gains
Welcome to "Monumental Monday," a day of triumph in the world of Indian stock markets! On the first day of the September quarter, the Nifty and Sensex continued their relentless rally, surging to new heights, setting a remarkable record for the third consecutive session. Early trade on this eventful Monday was marked by a surge of optimism, buoyed by strong cues from Asian peers and promising triggers hinting at a slowdown in inflation. This article delves into the exciting developments that unfolded on this momentous day, as Nifty topped 19,300 and Sensex soared past 65,000, marking historic new life highs.
Record-Breaking Bull Run in the Stock Market!
On Monday, the Nifty 50 achieved a remarkable milestone, reaching an all-time high of 19,318 points, while the Sensex surged to a new peak of 65,075.28 points during the trading session. This bull run persisted in the stock markets, as both indices hit fresh records for the third consecutive session.
Given below are the latest daily charts of NSE 50 and BSE Sensex
Around 10.30 am (Indian Standard Time), Nifty 50 reached an all-time high of 19334.6 and BSE Sensex 30 reached an all-time high of 65238.3.
What contributed to the gains on the Stock Market?
Banking and financial stocks led the market gains, propelling the Nifty index as HDFC Bank and HDFC surged up to 3%. JSW Steel and UltraTech Cement also contributed, rising 2.5% and 2.3%. On the other hand, market heavyweights like PowerGrid, Bajaj Auto, UPL, and Maruti Suzuki faced downward pressure, declining 1.4%, 1.3%, 1.2%, and 1.1%, respectively. The robust market performance is backed by positive economic data, with India's economy growing at an impressive rate of 8.7% in the first quarter of fiscal year 2023, the highest in a decade. Moreover, inflation remains in check, with the consumer price index (CPI) rising at 6.3% in June, below the central bank's target of 6%.
The monumental rally in the Indian equity markets on Monday undoubtedly showcases the resilience and potential of the country's economy. Achieving all-time highs for both Nifty and Sensex, alongside positive economic data showcasing an impressive 8.7% growth rate in Q1 FY 2023 and controlled inflation, presents promising prospects for investors and businesses. The strong performance of banking and financial stocks, along with contributions from JSW Steel and UltraTech Cement, showcases the market's potential diversity. Nevertheless, we must exercise caution amidst global uncertainties, including geopolitical tensions, evolving trade dynamics, and volatile global markets. A balanced investment approach and vigilance in monitoring global developments will be crucial for seizing opportunities while navigating challenges in the financial landscape.
Disclaimer: This article is intended for general information purposes only and should not be construed as investment or tax advice.
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