Equity benchmark indices Sensex and Nifty hit their fresh record levels on Thursday after lower inflation numbers raised hopes of an interest rate cut by the RBI. Besides, heavy buying in capital goods, consumer durable and industrial stocks also helped the indices, traders said. Retail inflation continued its downward slide to reach a one-year low of 4.75 per cent in May due to a marginal decline of prices in the food basket and remained within the Reserve Bank’s comfort zone of below 6 per cent, according to government data released on Wednesday.

During the last few weeks, the Indian wheat market has been all agog with talk of an imminent relaxation in import norms to allow the country to import the grain – after a gap of six years – to cool the prices down. The required numbers in the buzz vary from 2 million tonnes to 4 million tonnes, depending on how one perceives the market to behave in the coming months. At present, India, the world’s second largest wheat producer, imposes an effective import duty of around 44 per cent on the grain.

The stock of United Spirits, the country’s largest liquor company by market capitalisation (mcap), has gained 11 per cent over the past week on double-digit growth guidance, rising premiumisation trend, operationally in-line performance in the March (Q4FY24) quarter and a rally in consumer stocks. The revenue growth of the company came in at 7 per cent year-on-year (Y-o-Y) mirroring the growth of the prestige and above (P and A) segment. This segment comprising premium brands accounts for 88 per cent of the revenues.

In May, MFs were the net sellers in several PSUs, as they deployed Rs 47,600 crore in equities during the month.