BENGALURU, June 21 Reuters India39;s benchmark Sensex stock index hit a record high on Wednesday while the Nifty 50 inched towards its alltime high, amid persistent foreign inflows into Indian equities backed by the country39;s strong macroeconomic print.

The SP BSE Sensex hit its alltime high at 63,588.31, before giving up some gains to stand at 63,418.93 at 1046 a.m. IST.

The bluechip Nifty index rose 0.05 to 18,826.80.

India39;s economy is in a multiyear upcycle which is a major positive. While there are pockets of overvaluations, pockets of opportunity also exist in markets, said Gaurav Dua, senior vice president and head of capital market strategy at Sharekhan.

The indexes may be at or near record highs, but the valuations are not, thanks to healthy earnings growth over the past 20 months.

Foreign investors have poured in 738.12 billion rupees 8.99 billion so far in this financial year. They were net sellers in the two previous fiscal years, with a record outflow of 1,400.10 billion rupees in FY 2022.

India39;s economic growth has accelerated in the March quarter, while inflation has cooled, showing that the country remains one of the fastest growing emerging economies.

On Wednesday, nine of the 13 major sectoral indexes advanced, with highweightage financials adding over 0.6.

Broader indexes continued to outperform their larger peers with the midcaps rising 1.18 and smallcap index gaining 0.8.

Among individual stocks, Larsen and Toubro rose over 1 and was…