Nifty Clocks Longest Gaining Streak In Nearly Four Years, Ends At Record: Market Wrap

The benchmark equity indices continued their uptrend on Wednesday, with the NSE Nifty 50 recording its best gaining streak since October 2020 to close at its lifetime high and the S&P BSE Sensex extending gains for the seventh consecutive session.

The Nifty closed 34.6 points or 0.14%, higher at 25,052.35 and the Sensex ended 73.80 points or 0.09%, higher at 81,785.56.

During the day, the Nifty rose as much as 0.45% to its highest level of 25,129.60 and the Sensex jumped 0.40% to 82,039.65, 90 points shy of its lifetime high.

"A break below 24,970 will drag the index (Nifty) further lower towards 24,840," Aditya Gaggar, director of Progressive Share Brokers, said. "On the flip side, a firm close with a bullish candle above 25,100 is a must to continue its northward journey."

Shares of Infosys Ltd., Bharti Airtel Ltd., LTIMindtree Ltd., Wipro Ltd. and Sun Pharmaceutical Industries Ltd. contributed the most to the gains in Nifty.

State Bank of India, Axis Bank Ltd., ICICI Bank Ltd., Kotak Mahindra Bank Ltd. and Maruti Suzuki India Ltd. limited the upside.

Most sectoral indices on the NSE ended lower, with the Nifty IT being the top gainer and Media falling the most.

The broader markets underperformed the benchmark indices as the BSE MidCap ended 0.04% higher and the SmallCap closing 0.12% lower.

On the BSE, 15 sectors declined and five advanced out of 20. BSE Teck rose the most and utilities declined the most.

The market breadth was skewed in favour of the sellers as 2,129 stocks declined, 1,837 rose and 90 remained unchanged on the BSE.