Sensex Today: Domestic equities traded in a thin range for better part of the day on Wednesday, but picked pace towards the fag-end of the session amid buying in HDFC Bank, Infosys, Bharti Airtel, Ultratech Cement, L&T, Tata Motors, ICICI Bank, SBI, Axis Bank, and M&M.
The Nifty50 index hit a fresh record high of 21,676 in the intra-day trade, ending mildly lower than this level at 21,655, up 213 points or 1 per cent.
The S&P BSE Sensex, meanwhile, claimed a new lifetime high of 72,098. It ended at 72,038, up 702 points or 0.98 per cent.
The broader markets, though rose in tandem with the frontline indices, underperformed them in session today. The BSE MidCap index added 0.41 per cent, and the BSE SmallCap index rose 0.20 per cent.
Among sectors, the Nifty PSU Bank index gained 2 per cent, the Nifty Auto index 1.38 per cent, the Nifty Metal index 1.39 per cent, and the Nifty bank index 1.13 per cent.
“The resilience of the market even in the holiday season, which is normally devoid of much action, is an indication of its underlying bullishness. The global support to the market from the mother market US where the S&P 500 is close to all-time high is significant,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
Investors should give priority to high quality bluechips which are doing well and have good earnings visibility. A correction in the broader market is inevitable, Vijayakumar said.
Deven Mehata, Equity Research Analyst at Choice Broking, said, “Nifty can find support at 21,400 followed by 21,350 and 21,300. On the higher side, 21,500 can be an immediate resistance, followed by 21,550 and 21,600.”
Global Markets
US stocks extended their rally overnight on expectations that the Federal Reserve will begin cutting interest rates as soon as March.
Most Asian stocks rose on Wednesday, with MSCI’s index of Asia-Pacific shares outside Japan climbing 0.65%.
Japan’s Nikkei rose 1.2%, while Hong Kong’s Hang Seng Index was last up 0.9% in its first trading day after being closed for the Christmas and Boxing Day holidays.
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