Sunday, July 7, 2024 12:26 PM
Sensex hits record high as Tata Motors leads gains
- Nifty 50 and Sensex reach all-time highs for second session
- Auto, realty, and metal stocks see significant increases in value
- Analysts caution about potentially inflated valuations despite market surge
Image Credits: 5paisaIndia's stock market hits new highs with Sensex surpassing 75,000 and Nifty 50 rising, driven by gains in auto, realty, and metal sectors. Analysts warn about inflated valuations despite positive momentum.
India's stock market reached new milestones on Tuesday as the Sensex surged past 75,000 for the first time, and the total market capitalisation of NSE-listed companies exceeded 400 trillion rupees ($4.81 trillion).
The Nifty 50 index rose by 0.40% to 22,756.40, while the Sensex climbed 0.46% to 75,085.01. Both indexes hit record highs for the second consecutive session, buoyed by positive quarterly updates from various sectors.
Auto stocks, led by Tata Motors, gained 1%, with the company reporting increased sales for Jaguar Land Rover. Realty stocks surged by about 2%, driven by a 7% rise in Godrej Properties' sales for the March quarter. Metal stocks also saw a 1.5% increase, following a rise in industrial metal prices on expectations of global manufacturing recovery.
IT stocks rebounded by 1.2% after a recent decline, while small-cap and mid-cap stocks each rose by 0.6% and 0.3%, respectively. These segments have shown strong gains in April, recovering from losses in the previous month.
Despite the market's positive momentum, concerns persist over potentially inflated valuations. Analysts emphasize that upcoming earnings reports will be crucial in distinguishing sustainable growth stocks from those driven by short-term market trends.
