Sensex, Nifty Close At Record Highs, Rally For Eighth Session In A Row

The S&P BSE Sensex and NSE Nifty 50 indexes rose for an eighth session in a row on Wednesday as benchmarks clocked new file highs through the day. The Sensex rose as a lot as 431 factors to hit a brand new file excessive of 43,708.47 and Nifty 50 index made a brand new all-time excessive of 12,769.75. Infosys, HDFC, Kotak Mahindra Financial institution, Axis Financial institution, ITC, TCS and ICICIC Financial institution had been among the many prime movers within the Sensex through the session. They collectively added over 350 factors in direction of the Sensex.

The Sensex ended 316 factors or 0.73 per cent larger to shut at file excessive of 43,594 and Nifty 50 index climbed 118 factors to settle at an all-time excessive of 12,749.

Analysts have indicated that after a pointy up transfer within the equities, a giant correction is just not on the playing cards.

“The markets could not see massive correction from right here and within the medium to long run we see markets doing nicely,” mentioned Santosh Kumar Singh, head of analysis at Motilal Oswal Asset Administration Firm.

9 of 11 sector gauges compiled by the Nationwide Inventory Change had been ended larger led by Nifty Pharma index’s 3.6 per cent acquire. IT, metallic, monetary companies and FMCG shares had been additionally witnessing shopping for curiosity.

Alternatively, PSU financial institution and media inventory confronted promoting strain.

Mid- and small-cap shares underperformed their bigger friends as Nifty Midcap 100 and Nifty Smallcap 100 indexes rose 0.4 and 0.7 per cent every respectively.

Hindalco was prime Nifty gainer, the inventory rose 8 per cent to shut at Rs 208. Tata Metal, Dr Reddy’s Labs, Axis Financial institution, Eicher Motors, ITC, Bajaj Finserv, Hero MotoCorp and Tata Motors additionally rose between 3.5-7.6 per cent.

On the flipside, IndusInd Financial institution, Reliance Industries, Titan, Asian Paints, Britannia Industries and Hindustan Unilever had been among the many notable losers.

The general market breadth was marginally constructive as 1,446 shares ended larger whereas 1,286 closed decrease on the BSE.