Indian equity indexes opened at fresh record highs today (13 June). The Sensex rose 379.66 points or 0.50 percent to 76,986.23 and the Nifty rose 118.00 points or 0.51 percent to 23,441.00. Around 2,123 stocks advanced, 346 declined and 107 remained unchanged. Nestle, Divis Labs, HDFC Life, Shriram Finance and LTI Mindtree were the top gainers on the Nifty. HUL, Britannia, Tata Consumer and ICICI Bank were the top losers on the Nifty.
IT stocks surge today
Shares in technology companies that derive significant revenue from the US rose 1.1% today after US consumer prices unexpectedly remained flat in May, while core prices posted the slowest annual growth rate in three years.
Federal Reserve Chairman Jerome Powell said expectations of a rate cut are postponed as inflation remains too high. The central bank kept interest rates unchanged as expected. This also helped domestic rate-sensitive financial stocks rise 0.6%, with HDFC Life Insurance up around 3%.
Overview of Nifty 50
The Nifty 50 has hit new all-time highs three times in four sessions this week, following the results of the Indian Lok Sabha elections and the formation of a government that signals policy continuity. The Reserve Bank of India (RBI) also raised its economic growth outlook, and India’s retail inflation eased slightly in May, supported by lower fuel prices, while food inflation rose year-on-year.
