Sensex Today: India’s blue-chip Nifty 50 and Sensex stock indexes hit all-time highs on Wednesday, lifted by gains in some Adani group stocks and advances in heavyweight financial stocks.
The S&P BSE Sensex rallied past the 64,000 mark to hit a new all-time high at 64,050.44. The BSE benchmark eventually ended with a gain of 499 points at 63,915.
The NSE Nifty 50 topped the 19,000-mark for the first-time ever and registered its new peak at 19,011.25. The Nifty finally ended at 18,972, up 155 points. The 50-share index hit a new high after 142 trading sessions. Historically, the index has delivered an average return of over 32 per cent from its most recent low since 2018.
Similarly, the Bank Nifty too scaled a fresh record high at 44,508, and finished 206 points higher at 44,328.
Tata Motors and Sun Pharma were the top gainers among the Sensex 30 stocks, up over 2 per cent each. Titan, NTPC, Larsen & Toubro, IndusInd Bank, Reliance Industries, UltraTech Cement, Infosys and HDFC Bank also logged smart gains. Tech Mahindra down a per cent was among the few notable losers.
Among the Nifty 50 shares, Adani Enterprises rallied over 5 per cent on the back of heavy volumes. The upmove came as the promoter entities of Adani group sold part of their stake in Adani Green Energy and Adani Enterprises to raise $1 billion.
In the broader market, the BSE MidCap index gained in tandem with the BSE benchmark and was up 0.7 per cent. Whereas, the SmallCap index lagged and settled with minor 0.1 per cent gain.
Santosh Meena, Head of Research, Swastika Investmart Ltd., said: “The Nifty has surged to an unprecedented all-time high, propelled by the solid fundamentals of the Indian economy and the consistent stability in global cues witnessed recently. The current market sentiment indicates a sustained structural bull run, making it difficult to assign an immediate target to this upward trend. However, it is worth noting that the levels around 19000–19191 could potentially serve as a resistance area, which might trigger profit booking from higher levels. Conversely, on the downside, the immediate support level can be identified at 18700, while 18450 is expected to provide a substantial base for the market.”
Global Cues
Tokyo shares opened higher on Wednesday, following gains of US stocks, while the yen’s slide also encouraged buying.The benchmark Nikkei 225 index rose 0.86 percent, or 278.38 points, to 32,816.71 in early trade, while the broader Topix index added 0.85 percent, or 19.19 points, to 2,273.00.
US stock indexes rebounded on Tuesday from a recent losing streak as upbeat economic data soothed investor worries about an imminent recession triggered by the Federal Reserve’s aggressive interest rate hikes.
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