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19 Nov 2024
In Mumbai, the Sensex and Nifty surged on Tuesday, achieving new record closing levels supported by gains in auto and FMCG stocks, as well as increased foreign investments.
The Sensex rose by 391 points to reach a fresh closing peak of 80,352, hitting an intraday high of 80,397 during the session. Similarly, the Nifty climbed 113 points to close at 24,433, with an intraday peak of 24,444.
Vinod Nair from Geojit Financial Services noted that both local and global factors are driving market momentum, particularly benefiting sectors like FMCG and auto, boosted by favorable monsoon conditions and strong kharif sowing.
Maruti Suzuki led the gains among Sensex stocks with a rise of more than 6%, following reports of Uttar Pradesh waiving registration taxes on hybrid cars to promote eco-friendly vehicles. Other notable gainers included Mahindra, Titan, Sun Pharma, ITC, Nestle, and Tata Motors.
On Tuesday, the market capitalization of BSE-listed companies reached a new lifetime peak of Rs 451.3 lakh crore (approximately $5.4 trillion). In Asian markets, Seoul, Tokyo, and Shanghai closed higher, while Hong Kong ended lower.
European markets mostly traded lower, while US markets closed mostly higher on Monday. Foreign investors purchased equities worth Rs 61 crore on Monday, according to exchange data from agencies.
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