Indian shares hit record highs; Nifty scales 19,000

prestigious India Nifty 50 And Sensex Stock indices rose by about 1 percent each, to reach record highs on Wednesday, supported by gains in some shares of the Adani Group and heavyweight financial stocks.

The Nifty index rose 1.03 percent to a record high of 19,011.25 as of 1:55 pm, after struggling to breach the level last week amid hawkish comments from the central bank.

The S&P BSE Sensex rose 0.98 percent to an all-time high of 64,037.10.

The Sensex index had already hit a record high last week, while the mid-cap index and the small-cap index are hovering around new record highs and 52-week highs, respectively.

12 out of 13 major sector indices posted gains, as HDFC and HDFC Bank extended their gains after announcing plans to complete Proposed merger on July 1.

Adani Enterprises, the flagship of the Adani Group, was the biggest gainer in Nifty, rising 4.6 percent based on a report that GQG Partners and other investors bought about $1 billion in additional shares in the conglomerate’s companies.

Mayurish Joshi, head of equity research at William O’Neil & Co.

Foreign portfolio investors bought ₹85,983 crore of shares in FY2024 so far, after offloading ₹1.4 crores and ₹37,632 crore in FY22 and FY23, respectively.

Information technology, which gets a large share of revenue from the United States and Europe, rose 0.68 percent as strong economic data pointed to resilience in the world’s largest economy.

However, moves in domestic indices contrasted with a gloomy mood in their Asian counterparts, as upbeat US economic news was overshadowed by global growth concerns. MSCI’s broadest index of Asia-Pacific shares outside Japan fell on Wednesday.

However, analysts warned that the market could consolidate again as valuations were at uncomfortable levels.