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Sensex Hits A New Record High, Surges Past 62,500

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The Sensex surged 266 points in trade today to hit a new record high of 62,558 points, its new all-time high scaled for a third straight trading day. The NSE Nifty50 rose 88 points to at 18,602 points.

 

Reliance Industries shares gained nearly 2 per cent and boosted Sensex gains. This was followed by Bajaj Finance, Asian Paints and Maruti. On the Nifty, Hero Moto, BPCL, and SBI Life were the top winners, up to 3.5 per cent higher.

 

"Nifty today touched its all-time high after its recent rally of more than 10% over last two month. Strong domestic macros, robust earnings growth and sharp correction in oil prices is big positive for Indian equities. For Q2FY23, Nifty companies grew by 9% as compared to expectations of flattish growth. Excluding the global commodities, the growth stood out strong at 33%. Going ahead too we expect the momentum to remain strong with expectation of Nifty earnings CAGR of 17% over next 2 years," says Ajay Menon, MD & CEO, Broking & Distribution, Motilal Oswal Financial Services Ltd.

Sensex Hits A New Record High, Surges Past 62,500

The BSE Small Cap and the Midcap indices too gained ground in trade. Stocks from the railways sector saw good gains. Several of them like Texmaco Rail & Engineering Ltd saw a spurt in its volume by more than 1.11 times and traded at a new 52-week high of Rs 63.40, rising more than 6.4%. Rail Vikas Nigam traded at a new 52-week high as well, touching an upper circuit of Rs 80.30.

Among the Nifty stocks that lost ground in trade were JSW Steel, Hindalco, Tata Steel and Coal India. The fall in metal stocks was largely on account of worries over demand, following rising cases in China.

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