Nifty, Sensex End At Fresh High As Private Banks Rally: Market Wrap
The NSE Nifty 50 settled 0.67% higher at 24,286.50, and the S&P BSE Sensex ended 0.69% up at 79,986.80.
Indian benchmarks settled at fresh closing highs on Wednesday, tracking sharp gains in heavyweight HDFC Bank Ltd. and ICICI Bank Ltd.
The NSE Nifty 50 settled 162.65 points, or 0.67%, higher at 24,286.50, and the S&P BSE Sensex ended 545.34 points, or 0.69%, up at 79,986.80.
Intraday, the Nifty 50 rose 0.76% to a fresh high of 24,307.25. The Sensex gained 0.80% to a historic high of 80,074.30. The NSE Nifty Bank index also scaled a fresh high of 53,256.70 during the day.
"Sensex crossing the 80,000 mark is a big achievement for the Indian stock market. Sixteen years ago, it was at 8,800 on the day when Lehman, the leading bank in the US markets, crashed. Nine times returns in 16 years," said Shrikant Chouhan, head equity research at Kotak Securities.
"However, four years ago during the time of Covid-19, it was at 26,000, which seems unrealistic but is true. It gives confidence that equity markets did perform well in the long run; we need patience and confidence while investing and even after it. Based on the current domestic macros, our advice is to continue investing systematically in equities with a long term perspective," he said.
"Indian bourses commenced the session on a strong note at a fresh high of 24,290 but due to lack of follow-through, the index oscillated in a well-maintained range to end the session at 24,286.50, with gains of 162.65 points," said Aditya Gaggar, director, Progressive Shares.
Barring Media, all other sectors ended the day in green with the Nifty Bank being the top performer, followed by metal and PSU banks, according to him. Broader markets outperformed the Frontline Index as mid and small caps gained by 0.79% and 1.03%, respectively.
"On the lower time-frame i.e. hourly chart, the index is developing a probable negative divergence in RSI and a sustainable move below 24,200 will drag the index towards 24,130," he said.
HDFC Bank Ltd. ICICI Bank Ltd., Axis Bank Ltd., Kotak Mahindra Bank Ltd., and State Bank of India added to the benchmark NSE Nifty 50.
Reliance Industries Ltd., Tata Consultancy Services Ltd., Titan Co., Larsen & Toubro, and Tata Motors Ltd. weighed on the benchmark.
On NSE, nine sectors advanced, two remained flat, and one declined. The NSE Nifty Financial Services and Bank indices led the rally. Both the top performing sectors have recorded fresh highs during trade.
In contrast, the NSE Nifty Media emerged as the worst performing sector with a 0.39% decline.
Broader indices outperformed. Both S&P BSE Midcap and Smallcap ended 0.86% higher.
Except BSE Oil and Gas, which ended flat, all sectoral indices on the BSE ended higher. The S&P BSE Bankex rose the most.
Market breadth was skewed in the favour of buyers. Around 2,372 stocks rose, 1,547 fell, and 102 remained unchanged on the BSE.
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