Stock market today: The 28th of June, 2023, belonged to the bulls, hands down! After consolidating for months, the bulls finally broke the shackles and lifted the benchmark indices to record highs amid healthy buying across the board. It was a day of setting records one after another, as first, the Nifty hit an all-time high and then breached the crucial 19,000 level during the day. The index hit a high of 19,011.25 during the day. Similarly, the S&P BSE Sensex topped the 64,000 level for the first time and hit a record high of 64,050.44 during the session. At close, the 30-share index of the BSE stood at 63,915.42, up 499 points, or 0.79 per cent while the NSE's Nifty ended at 18,972.10, up 155 points, or 0.82 per cent. Both indices ended at record closing peaks.

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Commenting on today's stunning rally, Amar Ambani, Group President & Head - Institutional Equities, at YES Securities, said, "After almost a 7-month consolidation, the Nifty has surpassed the 19,000 mark, and what’s more, all sectors are in the green as well. Investors are massively turning positive on risk assets, taking comfort from the recent fall in inflation, and anticipating the end of the rate hike cycle. Even if inflation remains sticky at these lowered levels, it is much better to be invested in assets rather than stay in cash and see inflation eat into your purchasing power."

"Our own sense is that the recent price drops look sustainable because they seem to have come on the back of the reinstatement of disrupted supply, rather than demand destruction. The supply chain index that we track is back to pre-Covid levels. Global Central bankers are close to the peak of their rate hike cycle. 20 out of 23 countries tracked on Bloomberg, may begin to see rate cuts in 2024," Ambani added.

MARKET STATISTICS

On the BSE, as many as 173 stocks hit a fresh 52-week high while 23 hit 52-week lows. The market breadth was slightly in favour of the bulls as out of 3,628 scrips traded on the BSE, 1,790 advanced, and 1,709 declined while 129 remained unchanged. Further, 16 stocks hit their upper circuit band today and 5 were frozen at lower circuit bands. At close, the market capitalisation of BSE-listed companies stood at Rs 2,94,11,131.69 crore.

Broader market 

The Nifty Midcap 100 and Smallcap 100 indexes ended higher by 0.63 per cent and 0.35 per cent, respectively. All the indices in the broader market ended higher. The Midcap index rose 8 per cent. The market cap of BSE companies rose over Rs 2.2 lakh crore.

Sectoral watch 

Nifty Bank closed at a record high. The index rose by 206 points, or 0.47 per cent to close at 44,327. IDFC First Bank and IndusInd Bank were the top gainers.

"Nifty Bank made a new high of 44,508 levels. All sectors ended in the green, with strength seen in Metals, pharmaceuticals, and Oil and Gas. After making several attempts in the past few days, Nifty finally managed to cross its previous highs," said Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services Ltd.

The Nifty Pharma, Metals, and Healthcare indexes were up over 1 per cent. Nifty Oil & Gas, Financial Services, and Auto gained over half a per cent. Except for Nifty Media, all indices ended in green.

Buzzing stocks 

Seven Nifty50 stocks, including JSW Steel and Tata Motors, hit a fresh 52-week high. Adani Group stocks also surged on reports of GQG Partners buying additional stakes in Adani Enterprises and Adani Green Energy. REC and Power Finance Corporation extended their winning streaks and rose over 8 to 9 per cent in three trading sessions.

IndiGo stock surged to a record high, with its market cap crossing Rs 1 lakh crore. Piramal Enterprises, Polycab, M&M Finance, Syngene, and Apollo Tyres were the top Midcap gainers.

HDFC Life Insurance ended over 1 per cent lower as reports suggested HDFC bought a stake. Rain Industries fell over 3 per cent as the company came out of the futures and options (F&O) segment. Metropolis Healthcare witnessed profit booking as the scrip slipped over 3 per cent. 

Global markets 

In Asian markets, Tokyo and Hong Kong settled in the green, while Seoul and Shanghai ended lower. European markets were trading in positive territory. The US markets ended significantly higher on Tuesday.

Foreign Institutional Investors (FIIs) bought equities worth Rs 2,024.05 crore on Tuesday, according to exchange data.

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