Sensex breaches all-time high, touches 63,588.31 points

Chennai, June 21 (IANS) The Sensex of the BSE on Wednesday touched an all-time high of 63,588.31 points and later came down.

The previous highest level was 63,583.07 points.

Industry experts said the upward trend will be there for some more months and the markets may turn nervous during the next round of state elections in November/December 2023.

The Sensex opened at 63,467.46 and touched a high of 63,588.31 and a low of 63,316.74 points during the morning trade.

The Sensex closed at 63,321.70 points on Tuesday. Later the Sensex came down and is trading at 63,317.79 points.

"The pace of the rally has slowed down over the last few weeks, however, the underlying momentum is still strong. We believe that traders can lighten up their long leveraged positions and book some profits in the immediate term. But medium to long term investors must continue to hold on to their positions and use dips to buy more," said Apurva Sheth, Head of Market Perspectives & Research, SAMCO Securities

The pause in interest rates from both the US Fed and RBI is a major sign of relief for corporates who were paying interest cost through their nose. Private and government capex is also at an all-time highs which should boost infrastructure spending. This will have a ripple effect and fuel growth, Sheth added.

"We are just months away from India and US elections. We believe the positive momentum should continue as the governments generally tend to do everything in their control to keep the market participants happy in order to be re-elected to power," she said.

Similarly, the Nifty of the NSE too opened on a positive note at 18,849.40 points after closing at 18,816.70 points on Tuesday.

During the morning trade, the Nifty touched a high of 18,875.90 and a low of 18,804.15 points.

The Nifty is trading at 18,804.60 points.