Sensex Hits 56,000, Nifty On New High

The bull run continues on the Dalal-Street as the benchmark indices have scaled yet another fresh highs on Wednesday, August 18. The BSE Sensex crossed the 56,000 mark for the first time in the morning trade and Nifty made a new high of 16,693.

The BSE Sensex has managed to climb another 1000 points in a span of five days. "This bull run seems to take the Indian markets on a level that no one has ever expected," said experts commenting on the matter. The Sensex crossed its historical level of 55,000 on August 13 and has crossed 56,000 today.

At 10:02 AM, the BSE Sensex was up 245.57 points at 56,037.84, and the Nifty was up 67.10 points at 16,681.70. Shares of UltraTech Cement, HDFC Bank, and Bajaj Finance were the top gainers in the Sensex pack as they advanced 1-2 per cent each in the opening trade on Wednesday. Shares of HDFC Bank climbed over three per cent in the early trade after RBI relaxed restrictions and allowed the bank to source new credit cards.

Among the sectors, except for the Metals, all other sectors witnessed healthy buying interest. The Nifty IT index was the top gainer, adding over a per cent, led by shares of Mindtree (+5.84 per cent), MphasiS (+2.06 per cent), and COFORGE (+2.03 per cent).

In the overall market breadth, 899 shares advanced and 814 shares declined in the NSE at the time of filing.

Moving ahead, experts continue their strong stand on the markets and they expect the markets to perform good on better domestic cues from Covid data and vaccination progress in the country. Nearly 46 per cent of the total adult population of the country has received their first jab of vaccine in the country, as per the government.

Siddhartha Khemka, Head of Retail Research at MOFSL, said, "Equity market is likely to continue with its positive momentum as the economic activities are gathering pace with Covid cases remaining sub-30k level, pick-up in the pace of vaccination and more and more relaxations being offered by the Government."

Ruchit Purohit

BW Reporters The author is a Trainee Journalist at BW Businessworld based in Mumbai. He tracks the Markets and related news.