Sensex, Nifty hit record highs as Adani block deal boosts sentiments

By Koustav Das: Benchmark stock market indices hit record highs on Wednesday amid positive global cues, sustained foreign inflows and a $1 billion investment in Adani Group companies.

The S&P BSE Sensex ended 945.42 points higher at 63,915.42, while the blue-chip NSE Nifty 50 gained 154.70 points to settle at 18,972. With this, both the benchmark indices registered fresh all-time closing highs.

It may be noted that towards the end of the trading session, Sensex briefly crossed 64,000, while Nifty crossed 19,000, reflecting strong gains in the domestic markets.

Also Read | Dalal Street at record highs: Sensex crosses 64,000, Nifty tops 19,000

Except for Nifty Media, all of the major sectoral indices ended in positive territory, with Nifty Pharma leading from the front.

The top five gainers on the NSE Nifty 50 were Adani Enterprises, Adani Ports, JSW Steel, Bajaj Auto and Sun Pharma. On the other hand, the top losers were HDFC Life, Tech Mahindra, M&M, Apollo Hospitals and Hero MotoCorp.

Adani Enterprises was the top gainer on the Nifty 50, rising over 5 per cent amid reports that GQG Partners and other investors bought an additional stake worth $1 billion in the port-to-power conglomerate’s listed firms.

Meanwhile, index heavyweights HDFC and HDFC Bank extended gains after announcing plans to complete the proposed merger by July 1, 2023.

Riches Vanara, Technical And Derivatives Analyst, StoxBox, said, “Indian markets had a memorable day today, with a broad-based market rally. On an intraday basis, the benchmark Nifty index hit an all-time high of above 19,000-mark, while the Sensex also touched its high of above 64,000.”

Also Read | Sensex, Nifty hit record highs: Can bulls on Dalal Street keep the rally going?

“Apart from these factors, we believe that robust domestic economic growth, easing consumer price inflation, strong foreign inflows, and strong corporate earnings have their own roles in sustaining the record run from lower levels,” Vanara said.

“Going forward, we believe that rapid and widespread progress of the monsoon, albeit with a delay, should keep investors interested in markets in the short term. Also, with first-quarter earnings around the corner, we believe that some stock-specific action cannot be ruled out going forward and remain hopeful of a good earnings performance,” Vanara added.

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