Stock Market Today: Nifty, Sensex Recover At Last Hour Of Trade To Post Fresh Highs
The NSE Nifty 50 index settled above 26,000 level for the first time on Wednesday. Financial services' stocks contributed the most gains.
BSE signage beside the BSE bull at BSE headquarters in Mumbai (Source: Vijay Sartape/NDTV Profit)
KEY HIGHLIGHTS
Last-Hour Recovery Help Sensex, Nifty Post Record Close; HDFC Bank, Axis Bank Lead: Market Wrap
The NSE Nifty 50 and BSE Sensex recovered from day's low in the last leg of the trade to end the Wednesday's at record close. HDFC Bank Ltd. and Axis Bank Ltd. added to the gains to the index. This is the fifth consecutive session the India's benchmarks recorded fresh highs.
The Nifty 50 ended 63.75 points or 0.25% higher at 26,004.15, and the Sensex ended 255.83 points or 0.30% higher at 85,169.87
The Nifty 50 ended at the highest closing level for fourth session in a row.
In the last few minutes of the trade, the Nifty 50 gained 0.36% to a record high of 26,032.80, and the Sensex rose 0.39% to a fresh high of 85,247.42.
Earlier in the day, the Nifty 50 declined 0.27% to 25,871.35, and the Sensex declined 0.20% to 84,743.04.
"For major part of the session, the Index remained rangebound but a sudden spurt in the last hour of the trading session propelled the Index to end the session at 26,004.15 with gains of 63.75 points," said Aditya Gaggar, director, Progressive Shares.
On the sectoral front, Media was the top performer followed by Energy and Realty while PSU Banking and IT were the major laggards. Mid and Smallcaps corrected by 0.63% & 0.42% and underperformed the Frontline Index. As indicated yesterday, the Index has virtually tested its immediate support of 25,850 and reversed to form a bullish candle on the daily chart suggesting a trend continuation to rally till 26,200 while the support level is shifted higher to 25,950, Gaggar added.
HDFC Bank Ltd., Axis Bank Ltd., Power Grid Corp of India Ltd., ICICI Bank Ltd., and NTPC Ltd. added to the index.
Tata Motors Ltd., Kotak Mahindra Bank Ltd., Tech Mahindra Ltd., LTIMindtree Ltd., and State Bank of India Ltd. limited gains in the index.
On NSE, seven sectors advanced, four declined, and one remained unchanged out of 12. The NSE Nifty PSU Bank declined the most, and the NSE Nifty Media rose the most.
Broader indices underperformed. BSE Midcap closed 0.53% lower and BSE Smallcap closed 0.35% lower.
Eleven out of 20 sectoral indices ended lower and nine rose. BSE Power rose the most.
Market breadth was skewed in the favour of sellers. Around 2,243 stocks fell, 1,711 rose, and 111 remained unchanged on the BSE.
Rupee Strengthens Against US Dollar
Rupee strengthened by 7 paise to close 83.60 against the US dollar. It closed at 83.67 on Tuesday, according to data on Bloomberg
Market At Close
The NSE Nifty 50 and BSE Sensex posted fresh highs during last few minutes of the trade.
The Nifty 50 ended at the highest closing level for fourth session in a row.
HDFC Bank Ltd., and Axis Bank Ltd. were the top gainers in the index.
The NSE Nifty Auto index rose 0.70% to a fresh high of 27,108.45. Mahindra & Mahindra Ltd. and Apollo Tyres Ltd. were lead contributors to the index.
The NSE Nifty Midcap 150 rose 0.10% to a fresh high of 22,515.40. It settled 0.61% lower 22,357.40.
Adani Enterprises Incorporates Adani GCC
Adani Enterprises Ltd. incorporated a wholly-owned subsidiary Adani GCC Pvt. on Sept 24, the company said in an exchange filing.
Disclaimer: NDTV is a subsidiary of AMG Media Networks Limited, an Adani Group Company.
Power Grid Hits Record High After Bagging Khavda Project
Shares of Power Grid Corp of India rose as much as 4.63% to Rs 366.25, the highest level since its listing. The company emerged as the successful bidder for the Khavda project to establish an interstate transmission system.
The stock was trading 2.80% higher at Rs 359.70 apiece as of 12:40 p.m.
