Indian equity benchmarks surged to fresh record highs on Wednesday, buoyed by robust gains in media and energy sector shares.
The Sensex and Nifty notched up new milestones during the trading session, highlighting the market’s strong upward momentum.
The 30-share BSE Sensex reached an unprecedented level of 78,759 points, while the broader NSE Nifty soared to 23,889 points, marking significant milestones in their respective histories.
At the closing bell, the Sensex settled at 78,674, up by 620 points or 0.80% from the previous session.
Similarly, the Nifty closed at 23,868, advancing 147 points or 0.62%.
Sectoral indices exhibited a mixed performance, with media, energy, PSU banks, financial services, and pharmaceuticals emerging as the top gainers.
Conversely, the auto, metal, realty, and IT sectors faced selling pressure, ending the day as major laggards.
In the broader market, midcap and smallcap stocks underperformed compared to largecaps.
The Nifty Midcap 100 index dipped by 122 points or 0.22% to 55,245, while the Nifty Smallcap 100 index managed a modest gain of 45 points or 0.25%, closing at 18,288.
Market analysts attributed the record-breaking surge to a rally in large-cap stocks, which are perceived to have more reasonable valuations currently.
However, profit-taking in midcap and smallcap segments observed due to concerns over stretched valuations.
Leading the gains on the indices were stocks such as Bharti Airtel, UltraTech Cement, ICICI Bank, Sun Pharma, Axis Bank, and NTPC.
Conversely, M&M, Tata Steel, Tech Mahindra, and JSW Steel were among the top losers.
Market Outlook: Nifty’s Bullish Trend Continues; Eyes On 24,000 Resistance
Commenting on the market outlook, Rupak De, Senior Technical Analyst at LKP Securities, remarked, “The Nifty’s bullish trend persisted, propelling it to a new peak. Investor sentiment remains positive, contingent upon the index holding above the 23,700 mark.”
He added, “A decisive breach above 24,000 could potentially drive the index towards the next resistance level at 24,200.”
The relentless upward trajectory in the equity indices reflects growing investor confidence amidst favorable economic indicators and corporate earnings expectations.
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