Sensex, Nifty end at new record closing highs on unabated foreign fund inflows

Equity benchmark indices scaled fresh all-time closing highs on July 6, driven by unabated foreign fund inflows and buying in index major Reliance Industries.

Equity benchmark indices scaled fresh all-time closing highs on July 6, driven by unabated foreign fund inflows and buying in index major Reliance Industries.

Defying a weak trend in the global markets, the 30-share BSE Sensex climbed 339.60 points or 0.52% to settle at its new all-time closing high of 65,785.64. During the day, the benchmark jumped 386.94 points or 0.59% to hit its lifetime intra-day peak of 65,832.98.

The NSE Nifty rallied 98.80 points or 0.51% to end at a new record high of 19,497.30. In intra-day, it advanced 113.7 points or 0.58% to reach its all-time intra-day peak of 19,512.20.

From the Sensex pack, Mahindra & Mahindra emerged as the biggest gainer, climbing nearly 5%. Power Grid, Tata Motors, Reliance Industries, NTPC, Axis Bank, Nestle, Kotak Mahindra Bank, Asian Paints and Wipro were among the other major gainers.

Maruti, HCL Technologies, Bajaj Finance, IndusInd Bank, Infosys and Tata Steel were among the laggards.

Foreign Institutional Investors (FIIs) continued their buying activity as they bought equities worth ₹1,603.15 crore on Wednesday, according to exchange data.

"Foreign investors continue to provide unwavering support to the domestic market, helping to sustain the ongoing rally despite weak global cues. Global markets are displaying a negative trend, influenced by hawkish Federal Open Market Committee (FOMC) minutes and U.S.-China tensions," said Vinod Nair, Head of Research at Geojit Financial Services.