Sensex, Nifty open at record highs as markets gain momentum

By Koustav Das: Benchmark stock market index Nifty 50 opened at an all-time high on Wednesday as domestic markets gained momentum, tracking positive global cues and a strong uptick in Adani Group stocks.

In pre-open trade, the Nifty 50 rose 0.48 per cent to 18,908.15, surpassing its previous all-time high of 18,887.30. Today’s milestone comes after several sessions where the Nifty came within touching distance of achieving a record high.

By 9:55 am, the Nifty 50 was trading 200.70 points higher at 18,891.90, while the S&P BSE Sensex was up 681.94 points at 63,651.94.

Swapnil Shah, Director of Research, StoxBox, said, “Nifty has crossed the previous ATH (all-time high) and moved beyond the crucial 18,900 levels for the first time in history as market sentiment remained buoyed by the progressive news about the HDFC-HDFC Bank merger and strong current account deficit data for the fourth quarter.”

“Yesterday’s closing in the green of the US markets also supported gains in today’s trading session. We believe that a rapid and widespread progress of the monsoon, albeit with delay, should keep investors interested in the markets in the short term,” he said.

Sensex hits fresh record high

While the Sensex also hit a fresh record high today, it had already achieved the milestone twice last week. In addition, the Nifty Midcap 100 and Nifty Smallcap 100 were also closing in on their record highs.

All the sectoral indices were trading in positive territory, reflecting the positive sentiments on Dalal Street. Nifty Metal was leading the pack, with gains of over 1 per cent.

The top five gainers on the Nifty 50 were Adani Enterprises, Adani Ports, Titan, JSW Steel and Bajaj Finance. On the other hand, the top losers were HDFC Life, Kotak Mahindra Bank, Axis Bank, Tech Mahindra and ONGC.

The record rally in the domestic benchmark indices, including the Nifty 50, has been driven by strong domestic growth, easing inflation, strong foreign inflows, and robust corporate earnings.

Analysts remain optimistic about domestic stock markets, both from an economic and technical point of view.

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