Nifty Closes At Record-high; IT Stocks Rally
In the Nifty 50 index, 29 stocks advance in the positive territory, while 21 stocks end in the red territory
The Indian stock market traded sluggish in the Wednesday trading session. However, the benchmark indices, Nifty closed at a record high, while sectoral indices displayed a mixed trade.
The National Stock Exchange (NSE) Nifty 50 index 0.14 per cent higher at 25,052, while the S&P Bombay Stock Exchange (BSE) Sensex also settled 73 points higher at 81,785 levels on the closing bell.
Nifty Moves
In the Nifty 50 index, 29 stocks advanced in the positive territory, while 21 stocks ended in the red territory.
Among the winners LTI Mindtree led with 6.54 per cent gain, followed by more than 3 per cent gain in Wipro. Divis Lab, IndusInd Bank, Bharti Airtel and Infosys ended more than 2 per cent higher.
Among the losers, Asian Paints shredded 1.29 per cent, while Adani Ports, Nestle India, Maruti Suzuki and Britannia lost more than 1 per cent.
Analyst Note
“A consolidation in the US ten years bond yield and an inflow of FIIs kept the domestic market sentiment optimistic. However, valuation remains a near-term deterrent, which will be further tested based on the upcoming India Q1 FY25 GDP data this week. On the other hand, investors are giving more emphasis to defensive bets, which is evident with the outperformance in IT and pharma stocks,” said Vinod Nair, Head of Research, Geojit Financial Services.
Sectoral Movement
In terms of sectoral performance, Nifty Bank ended 0.26 per cent lower and Financial Services lost 0.24 per cent, while PSU Banks ended with half a per cent loss.
FMCG shredded 0.42 per cent followed by slight loss in Auto, Metal and Realty. However, IT and Pharma climbed more than 1 per cent.
The more domestically focussed indices, Mid-cap dipped 0.12 per cent, whereas Small-cap dipped marginally.
