Sensex Surges as Inflation Cools Down

by IANS |

Mumbai, June 13 (IANS) Indian equity benchmarks opened in green on Thursday after retail inflation declined in May. The government data showed India's CPI (Consumer Price Index) easing to 4.75 per cent in May 2024, it was 4.83 per cent in April 2024.

In early trade, Sensex and Nifty made an all-time high of 77,145 and 23,481 respectively.

At 9:50 am, Sensex was up 173 points or 0.23 per cent, at 76,788 and Nifty 46 points or 0.20 per cent, at 23,370.

Buying is also seen in midcap and smallcap stocks. The Nifty midcap 100 is up 269 points or 0.50 per cent, at 54,512 and Nifty smallcap 100 is up 27 points or 0.20 per cent, at 17,824.

India volatility index (India VIX) is down 2.22 per cent, at 14.07 points.

Among the sectoral indices, IT, fin service, realty, serv sector, and metal are major gainers while FMCG, media, and energy are major losers.

Vaishali Parekh, Vice President-Technical Research, Prabhudas Lilladher said that the Nifty has witnessed a consolidation phase since the last three sessions with 23,400 zone acting as a tough barrier and would need a decisive breach above to trigger further rise in the coming days.

"The major support zone for the index is maintained near the 22,800 levels while on the upside we can expect 23,800 levels as the initial target in the coming sessions," he said.

In Sensex pack, Wipro, Tech Mahindra, Nestle, Titan Company, Bajaj Finance, HCL Tech, Kotak Mahindra Bank, Infosys, TCS, and M&M are the top gainers while Reliance, Power Grid, and HUL are the top losers.