Indian stock market defies global trends, with Sensex surpassing 69,000, marking record highs amid robust investor sentiment despite weak global cues
On Tuesday, the domestic stock market witnessed a remarkable surge as both the Sensex and Nifty extended their winning streak, achieving record-breaking highs. The Sensex, in particular, surpassed the significant milestone of 69,000, reflecting the robust and bullish sentiment prevailing in the Indian stock market. Despite the global markets experiencing a decline due to weak global cues, the domestic indices demonstrated remarkable resilience, remaining in the green territory.
At 10:10 am, Sensex was up by 357 points or 0.52 per cent, hitting a fresh 52-week high. The Nifty50, was up by 113 points or 0.55 per cent, at 20,800 mark.
Among the new-age firms, Paytm and Zomato experienced volatility in the initial trading session. On the other hand, Honasa and Nykaa faced a downturn, trading in the negative territory.
The much-awaited listing of Tata Tech encountered a bout of profit booking on Monday, however, it swiftly rebounded in Tuesday's early trading session.
The sustained positive momentum in the market can also be attributed, in part, to the recent second-quarter GDP figures, which surpassed the projections of analysts by registering a notable growth rate of 7.6 per cent. This robust economic performance serves as a significant contributing factor to the prevailing bullish sentiment. Also, the resounding victory of the Bharatiya Janata Party (BJP) in major state elections has added an additional layer of optimism, instilling confidence among investors and further fueling the prevailing bullish euphoria in the financial landscape.