India’s equity indices reached record highs on Wednesday, driven by positive cues from global markets. The Sensex closed up 255 points, or 0.30%, at 85,169, while the Nifty rose 63 points, or 0.25%, to finish at 26,004, marking the first time Nifty closed above the 26,000 mark.
Sectoral Gains and Losses
Intraday, the Sensex and Nifty hit fresh highs of 85,247 and 26,032, respectively. Major gains were seen in sectors such as financial services, pharma, metals, real estate, and energy. However, selling pressure hit midcap and smallcap stocks, with the Nifty Midcap 100 index down by 0.63% and the Nifty Smallcap 100 index falling by 0.42%.
Stocks like Power Grid, Axis Bank, NTPC, and Bajaj Finserv led the gains, while Tech Mahindra, Tata Motors, and SBI were the top losers.
Technical Outlook Remains Positive
Rupak De, Senior Technical Analyst at LKP Securities, noted that the Nifty’s lifetime high reflects bullish momentum. He stated that as long as the index stays above 25,900, the sentiment will likely remain positive, with a resistance level around 26,200-26,250.
Foreign institutional investors sold equities worth Rs 2,784 crore on September 24, while domestic institutional investors continued buying, purchasing Rs 3,868 crore worth of equities.
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