Stock Market Today: Nifty, Sensex Close At Record Highs After Four-Day Rally
Catch all the latest updates on Indian stock market here
KEY HIGHLIGHTS
Yield On The 10-Year Bond Ends higher
The yield on the 10-year bond closed 3 bps higher at 7.21% on Wednesday.
Source: Bloomberg
Rupee Weakens Against U.S Dollar
The local currency weakened 16 paise to close at 83.35 against the U.S dollar on Wednesday.
It closed at 83.19 on Tuesday.
Source: Bloomberg
Nifty, Sensex Close At Record Levels After Four-Day Rally: Closing Bell
Benchmark indices in India continued to rally in the fourth consecutive session and hit their highest ever closing levels due to gains in the shares of financial services and IT stocks.
The Nifty 50 rose 213.40 points or 1% to record the highest closing of 21,654.75 points and the Sensex ended at 72,038.43 for the first time up 0.98% or 701.63 points. Intraday, the Nifty renewed its lifetime high to 21.675.75 points and the Sensex hit 72,119.85, its all-time high level.
Pankaj Pandey, head of Research at ICICI direct, said, "Global and domestic cues are looking quite good for the market...Our sense is that the positive momentum is going to sustain in the market probably to levels like 22,200...there will be a correction in between, but in general, we expect the market to keep doing well for the next month..with a target of 22,200..overall, the good run is expected to sustain. "
Chandan Taparia, head of technical & derivatives research at Motilal Oswal Financial Services Ltd said, "Market is making the base to start the next leg of the rally. The market has strong positive momentum...and utilise small declines as buying opportunity."
Globally, the sentiment was uplifted by the expectations of interest rate cuts by the U.S. Federal Reserve in March. European markets opened higher on Wednesday and Asian markets closed higher. In Japan, indices rose after Bank of Japan board members discussed the potential timing of ending the negative rate policy during their meeting last week, with several members indicating they see no rush to make the move.
Shares of HDFC Bank Ltd., Infosys Ltd., Larsen & Toubro Ltd., Bharti Airtel Ltd., and ICICI Bank Ltd., contributed the most to the gains.
Meanwhile those of NTPC Ltd., Adani Enterprises Ltd., Oil and Natural Gas Corp Ltd., Adani Ports and Special Economic Zone Ltd., and Cipla Ltd. capped the upside.
Most sectoral indices rose with Nifty PSU Bank, Nifty Metal and Nifty Bank leading. Nifty PSE, Nifty Oil & Gas, and Nifty Energy fell.
The broader markets underperformed as the BSE MidCap rose 0.41%, while the BSE SmallCap was 0.20% higher. Fifteen out of the 20 sectors compiled by the BSE advanced, while five declined. S&P BSE Metal and S&P BSE Auto rose the most.
The market breadth was skewed in favour of buyers. Around 1,992 stocks rose, 1,812 stocks declined, and 110 remained unchanged.
Sensex Hits Lifetime High
Extends gains for fourth consecutive session
Surges over 1000 points in the last 12 sessions
Gains 3.23% since Dec 8, 2023
NTPC is the sole laggard among stocks in Sensex
UltraTech's Market Cap Crosses Rs 3 Lakh Crore
UltraTech Cement Ltd.'s market capitalisation crossed the Rs 3 lakh crore mark as its shares hit an all-time high on Wednesday.
The company's market value hit at Rs 3.01 lakh crore, while its scrip rose as much as 4.29% to a record of Rs 10,448.5 apiece. It later pared gains to trade 4.1% higher at Rs 10.430.9 per share as of 2:50 p.m.
