Sensex closes above 67,000, Nifty gains as dream rally continues
By Koustav Das: Benchmark stock market indices ended higher on Wednesday, extending their strong run on Dalal Street for the fifth consecutive session.
The NSE Nifty 50 closed 0.42 percent higher at 19,833.15, while the S&P BSE Sensex rose 0.45 percent to 67,097.44. With this, the Sensex closed above the 67,000 mark for the first time ever. Broader market indices also ended the session on a positive note.
An uptick in banking, financial services, and media stocks lifted the mood on Dalal Street, in addition to a late-session rally in shares of Reliance Industries Limited (RIL). RIL was up 1.15 percent at the end of the session.
The top five gainers on the Nifty 50 were NTPC, Bajaj Finance, IndusInd Bank, UltraTech Cement, and Bajaj Finserv. On the other hand, the top losers were Hindalco, Hero MotoCorp, TCS, Bajaj Auto, and Maruti.
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Om Mehra, a research analyst at Choice, said, “The Indian market reached a fresh high once more as the 20,000 level appears to be quite closer for Nifty. Market breadth remained positive as 31 stocks advanced while 19 declined.”
“We believe the Nifty will reach 20,000 by the end of the month or over a longer period of time. Overall, the sectors are performing rotationally, which has contributed to the Index’s rise from 17,000 to 19,700 levels. For the time being, extended FII buying is acting as a catalyst for investors to remain bullish over a period of time,” he added.
V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT) said, “We are chasing new highs every day. Sensex and Nifty both reached fresh all-time highs today, and the price is all set to get another impulsive move.” “Those who are already a part of this bull run should hold their positions,” Ambala added.
