During Tuesday’s trading session, Indian benchmark equity indices soared to new all-time highs. The S&P BSE Sensex closed at a record high of 80,716.55, while the broader Nifty50 ended the day at an all-time closing high of 24,613. Gains in information technology shares, coupled with growing expectations of a rate cut as early as September, fueled the market surge.
Among the top performers in the Sensex were Hindustan Unilever, Bharti Airtel, Tech Mahindra, Infosys, Mahindra & Mahindra, ICICI Bank, ITC, and Asian Paints. Conversely, Kotak Mahindra Bank, Reliance Industries, NTPC, UltraTech Cement, and Power Grid underperformed.
V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, commented on the market dynamics, stating, “In the next few days in the run-up to the Budget, the market is likely to anticipate the Budget proposals and respond. Even though Budget anticipations are speculative, this Budget will be growth-oriented and at the same time fiscally prudent.” Vijayakumar added that the finance minister has ample room for fiscal consolidation due to tax buoyancy and the RBI dividend bonanza, which will contribute to market optimism.
Market Holiday Announcement
The Indian equity markets will remain closed on Wednesday, July 17, in observance of Muharram, as per the BSE market holiday calendar. This closure will affect all segments, including the equity segment, derivative segment, and SLB segment. However, the Multi-Commodity Exchange (MCX) will be closed for the morning session but will resume operations in the evening session.