Indian equity markets reached unprecedented levels on Wednesday, fueled by a significant rally in banking stocks.
The Sensex surged to a new all-time high of 80,039, while the Nifty also set a new record at 24,292. Market sentiment remained broadly positive.
On the National Stock Exchange (NSE), 1,573 stocks were in the green, while 628 were in the red, reflecting a general upward trend.
By 9:47 AM, the Sensex stood at 80,008, marking an increase of 567 points or 0.71%. The Nifty was at 24,290, up by 164 points or 0.68%.
Banking stocks were at the forefront of this rally.
The Nifty Bank index rose by 946 points, or 1.82%, to reach 53,115.
Top gainers in the Sensex pack included HDFC Bank, Kotak Mahindra Bank, ICICI Bank, IndusInd Bank, and Bajaj Finance.
Conversely, TCS, Sun Pharma, Infosys, Tech Mahindra, and Wipro were among the top losers.
Midcap and smallcap stocks also saw gains.
The Nifty Midcap 100 index climbed to 56,112, up 258 points or 0.44%, while the Nifty Smallcap 100 index rose to 18,617, up 108 points or 0.59%.
HDFC Bank shares were particularly noteworthy on Wednesday. The company’s weightage in the MSCI index is expected to increase, providing more room for Foreign Institutional Investors (FIIs) to buy the stock.
Deven Mehata, Research Analyst at Choice Broking, commented on the market’s performance.
He stated, “After a gap-up opening, Nifty can find support at 24,100, followed by 24,000 and 23,950. On the higher side, 24,250 can be an immediate resistance, followed by 24,300 and 24,400.”
The record highs in Indian equity indices highlight the strong performance of the banking sector and the overall positive market sentiment.
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