Benchmark indices Sensex and Nifty on Tuesday cracked fresh records — riding on auto and FMCG shares even as investors awaited the commencement of the earnings season for the next trigger to buy stocks.
The 30-share BSE Sensex advanced 391.26 points or 0.49 per cent to end at a new closing peak of 80351.64.
During the day, it vaulted 436.79 points to touch a new lifetime high of 80397.17.
At the NSE, the broader Nifty gained 112.65 points or 0.46 per cent to finish at 24433.20, a record closing high.
During intra-day trades, the gauge climbed 123.05 points to hit a new record peak of 24443.60.
Investors chased FMCG stocks following good progress of the monsoon and reasonable valuations. Auto stocks also attracted buying interest on expectations that a bountiful rainfall would push the demand in the rural markets.
“Both domestic and global factors continue to drive the market momentum. Currently, consumption sectors such as FMCG and auto are leading the gains, buoyed by progress in the monsoon and kharif sowing. Additionally, continuous positive FII inflow contributes to the prevailing positive sentiment,’’ Vinod Nair, head of research, Geojit Financial Services, said.
Provisional data showed foreign portfolio investors making net purchases to the tune of ₹314 crore.
Among the Sensex shares, Maruti Suzuki was the biggest gainer as it jumped 6.60 per cent amid reports that the Uttar Pradesh Government waived registration taxes on hybrid cars as part of its initiative to promote environmentally friendly vehicles in the state.
It was followed by Mahindra & Mahindra, Titan, Sun Pharma, ITC, Nestle and Tata Motors, which rose up to 2.68 per cent.
However, Reliance Industries, Kotak Mahindra Bank, Bajaj Finance and JSW Steel were among the laggards as they lost up to 0.69 per cent.
The bullish trend also saw the market capitalisation of BSE-listed companies touching a fresh lifetime high of ₹451.27 lakh crore.
``After consolidating in the last few days, markets bounced back to make fresh highs amid buying seen in index heavyweights. The markets would react to US Fed Chair Powell's speech on Wednesday," Siddhartha Khemka, head — retail research — Motilal Oswal Financial Services said.
"Overall, we expect the markets to trade with a positive bias and take cues from upcoming inflation data, first quarter earnings, and the budget. The pharma sector is likely to remain in focus over the next few days on back comfortable valuation and expectation of healthy earning growth in the first quarter of this fiscal,’’ he said.
