Indian bourses continue their upwards trend on Tuesday

CHENNAI: The two Indian stock markets continued their uptrend on Tuesday beefed up by a steady inflow of foreign funds, said experts.

The Sensex of the BSE crossed the 63,000 mark to touch a high of 63,036.12 points after opening at 62,839.85 points. It closed at 62,969.13 points, up by 122.75 points.

Incidentally, the Sensex all-time high was 63,583.07 points achieved on December 1, 2022.

"Equity benchmark indices extended their winning streak for the fourth consecutive day on Tuesday, bolstered by a steady influx of foreign funds," said Ameya Ranadive, Equity Research Analyst, Choice Broking.

According to Ranadive, despite facing volatility throughout the day, the Nifty of NSE managed to close above the 18,600 at 18,633.85 points.

"In the near term, we expect the market to take cues from its global peers and macro data to be released during the week. In addition, investors would watch for India's GDP number, which will be released on Wednesday," Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.

Nifty is showing strength and is inching up gradually toward its life-high levels, he added.

"The domestic market continued its rally as recent Q4 results indicated improvement in demand. Further, expectations of a normal monsoon and a drop in international commodity prices support a rise in the margin profile. The underlying trend is strong, supported by strong liquidity, the negative slope of the interest yield, and the forecast of strong QoQ growth in Q4 FY23 GDP vs. 4.4% in Q3," said Vinod Nair, Head of Research at Geojit Financial Services.