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The stock market opened on a positive note. The indices hit record highs after the market opened for trading on Tuesday (May 15) tracking gains in index-heavyweights HDFC twins, Infosys, TCS and Reliance.

At 09:17 AM, the Sensex was up 196.08 points or 0.37 percent at 52747.61. The Nifty was up 58.00 points or 0.37 percent at 15869.90.

At 09:01 AM, the Sensex was up 180.06 points or 0.34 percent at 52731.59. The Nifty was up 51.90 points or 0.33% at 15863.80.

All the Sensex constituents were trading with gains in morning trade.

Asian Paints was the top gainer in the pack, surging around 1.5 per cent, followed by IndusInd Bank, ONGC, Bajaj Finserv, Hindustan Unilever, Bharti Airtel and Kotak Bank.

In the previous session, the 30-share BSE Sensex ended 76.77 points or 0.15 per cent higher at its new closing peak of 52,551.53. The NSE Nifty rose 12.50 points or 0.08 per cent to a record 15,811.85.

Foreign institutional investors (FIIs) were net sellers in the capital market as they offloaded shares worth Rs 503.51 crore on Monday, as per provisional exchange data.

On the macro-economic data front, rising prices of edible oils and protein-rich items pushed the retail inflation to a six-month high of 6.3 per cent in May, breaching the comfort level of the Reserve Bank and thus rendering reduction in interest rates a difficult proposition in the near term.

The wholesale price-based inflation accelerated to a record 12.94 per cent in May, on account of rising prices of crude oil, manufactured goods and a low base of last year. In May last year, WPI inflation was (-) 3.37 per cent and in April 2021, WPI inflation hit double-digit at 10.49 per cent.

Asian markets up

Asian markets rose following overnight gains on Wall Street that sent the S&P 500 and Nasdaq Composite to record closing highs. The Nikkei 225 in Japan gained 0.43 percent in early trade while the Topix index advanced 0.31 percent. South Korea's Kospi hovered above the flatline.

Asian stocks traded higher on Tuesday after their US peers closed at a record and a bond rally stalled ahead of a key Federal Reserve meeting. FIIs were net sellers Rs 504 crore while DIIs were net buyers Rs 544 crore in yesterday’s session.

Quarterly earnings to be released today

Key companies announcing their quarterly results today include Jubilant Food Works, Power Finance Corporation, LIC Housing Finance, Easy Trip Planners.

Fuel prices unchanged

A day after the hike, oil marketing companies (OMC) kept petrol and diesel prices unchanged on Tuesday across the four metro cities. In Delhi, petrol price remained at Rs 96.41 per litre while diesel at Rs 87.28 per litre.

In Mumbai, the price of petrol was held unchanged at an all-time high of Rs 102.58 per litre. Diesel price also continues to be at Rs 94.70 a litre, the highest among metros. In Chennai, petrol is priced at Rs 97.69 per litre while the price of diesel is Rs 91.92 per litre. The price of petrol in Kolkata is Rs 96.34 per litre while diesel is sold at Rs 90.12 per litre.

International oil benchmark Brent crude was trading 0.25 percent higher at $73.04 per barrel.

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Free Press Journal