Sensex registers new peak; Nifty hits fresh high on closing day basis
Stock markets continued their upward journey on Wednesday elegant It managed to close with a gain of 40 points at 18,857, at a new all-time high at the close of trading despite weak global signals ahead of Federal Reserve Chairman Jerome Powell’s congressional testimony. Heavy buying by foreign portfolios and domestic institutional investors has sent stock prices surging across the market’s extremes.
the S&P BSE Sensex It also managed to reach a record high of 63,588 in morning trading. However, it rose to a lower level of 63,523.15, up 195.45 points or 0.31 percent from the previous day’s close. On the 1st of December last year, the Sensex reached its record peak of 63,583.07 and the Nifty at 18,887.60.
Puneet Maheshwari, Director, Upstox said, “Sensex reaching an all-time high is good news as it really reflects the buoyant mood in the Indian economy. The strong market performance is a testament to the strength of the macroeconomic factors. The strong signals from the international markets can be seen in addition to Favorable domestic factors, such as steady FII inflows, increased risk appetite, an upbeat view on interest rates from the Reserve Bank of India, and better-than-expected quarterly results are contributing factors to the stock market rally.
The BSE Midcap Index increased by 0.68 percent, and the Small Capital Index increased by 0.24 percent. “India’s headwinds are turning into tailwinds that act as a powerful catalyst for a booming market,” said Lakshmi Iyer, Chief Investment & Strategy Officer, Kotak Investment Advisors Limited. Markets are also taking the view that interest rates have peaked and the next action will be a rate cut, she said. “Also with global signals continuing to provide no relief for growth, India appears to be attracting foreign capital as well,” she said.
Broad march
The current rise was supported by the participation of small and medium stocks which helped the market capitalization of companies listed on the Bahrain Stock Exchange to reach record levels.
foreign portfolio investors It bought shares worth Rs 4,013.10 crore on Wednesday while local institutions were net buyers worth Rs 550.36 crore.
“The bulls kept the pressure on the bears all day,” said Ashwin Ramani, Derivatives and Technical Analyst, Samco Securities. Open interest (OI) data for the last two trading sessions indicates that short covering is occurring in index futures. On the derivatives front, the ratio of long to short foreign portfolio investors (FPIs) has been above the 50 percent mark since June 13, indicating that FPI is holding long positions compared to short positions.”
Among the stocks that hit an all-time high on Wednesday included ABB India, Apollo Tires, Bharat Dynamics, Britannia Industries, Cholamandalam Investment, Mazagon Dock Shipbuilders Ltd and Shriram Finance.