New-highs Affair Continues; Nifty, Sensex In Green Amid Rally In Banks
In the Nifty50 index, 38 stocks advance in the positive territory and 11 stocks end in the red territory, while Asian Paint remains unchanged
The Indian stock market experienced a cheerful trading session on Wednesday amid buying across the sectors. Rally in Banks and Finance lifted the benchmark index, Sensex to its record-high of 80,000 during the session. The positive global cues and market-friendly expectations from the budget is infusing confidence among the investors.
The National Stock Exchange (NSE) Nifty 50 index ended 0.67 per cent higher at 24,286 whereas the S&P Bombay Stock Exchange (BSE) Sensex also settled 545 points or 0.69 per cent higher at 79,986 levels on the closing bell.
Nifty Moves
In the Nifty50 index, 38 stocks advanced in the positive territory and 11 stocks ended in the red territory, while Asian Paint remained unchanged.
In the winners, Tata Consumers topped the index with 3.74 per cent gain followed by 2.43 per cent gain in Adani Ports. Banking stocks, Kotak Bank, HDFC Bank and Axis Bank surged more than 2 per cent.
Among the losers, Tata Conglomerate’s TCS and Titan shredded more than 1 per cent followed by 0.81 per cent and 0.58 per cent loss in Reliance Industries and Tata Motors respectively.
Analyst Note
“Optimism in global equities weighed positively on Indian markets, which also propelled gains in other sectoral stocks, including the telecom counters. HDFC Bank led the recovery on the back of a potential increase in the bank's weightage in the MSCI Emerging Markets index. Yesterday the bank had reported June 2024 quarter shareholding data which showed that the FII ownership stands at 54.8 per cent which triggered the possible increase in MSCI Emerging Markets index,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Sectoral Movement
In terms of sectoral performance, Banking and Financials took lead, Nifty Bank rose 1.77 per cent, while Nifty Financial Services gained 1.8 per cent. PSU Banks also rose 1 per cent.
FMCG and Metal surged around 1 per cent followed by 0.65 per cent gain in Pharma. However, IT and Auto traded with slight gains.
The more domestically focussed indices, Mid-cap gained 0.79 per cent, whereas Small cap climbed above 1 per cent.
