Sensex, Nifty touch fresh record high levels in early trade
The Hindu
The 30-share BSE Sensex jumped 395.57 points to reach its record intra-day peak of 66,985.50
Sensex and Nifty continued their record-breaking rally on July 18, reaching new all-time high levels in early trade, amid fresh foreign fund inflows and buying in banking counters.
A positive trend in the U.S. markets on Monday also contributed to the domestic benchmark indices optimism.
The 30-share BSE Sensex jumped 395.57 points to reach its record intra-day peak of 66,985.50. The NSE Nifty climbed 99.8 points to hit its all-time high of 19,811.25.
From the Sensex pack, IndusInd Bank, Axis Bank, HDFC Bank, ICICI Bank, Infosys, Hindustan Unilever, Maruti, and Asian Paints were among the biggest gainers.
Bharti Airtel, Tech Mahindra, Titan, UltraTech Cement, Tata Consultancy Services, and Tata Steel were among the laggards.
In Asian markets, Tokyo quoted in the green, while Seoul and Shanghai were trading lower.
The U.S. markets ended in the positive territory on Monday.
India’s manufacturing sector underperforms compared to China and South Korea, partly due to public sector wages that raise costs and reduce competitiveness.
Non-Resident Indians (NRIs) from the Gulf Cooperation Council (GCC) region, once prominent investors in the Indian equity market are seen shying away due to rupee depreciation and have moved to global funds, said a top financial services executive.
Mobile phones are increasingly migrating to smaller chips that are more energy efficient and powerful supported by specialised Neural Processing Units (NPUs) to accelerate AI workloads directly on devices, said Anku Jain, India Managing Director for MediaTek, a Taiwanese fabless semiconductor firm that claims a 47% market share India’s smartphone chipset market.
In one more instance of a wholly owned subsidiary of a Chinese multinational company in India getting ‘Indianised’, Bharti Enterprises, a diversified business conglomerate with interests in telecom, real estate, financial services and food processing among others, and the local arm of private equity major Warburg Pincus have announced to collectively own a 49% stake in Haier India, a subsidiary of the Haier Group which is headquartered in Qingdao, Shandong, China.
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