Benchmark stock market indices registered record gains at closing for the third consecutive session on Wednesday, backed by a rally in IT and oil & gas stocks.
The S&P BSE Sensex was up 357.59 points at 69,653.73 at the closing bell, while the NSE Nifty 50 settled 82.60 points higher at 20,937.70.
With this, both the benchmark indices are eying fresh milestones over the next few sessions if the bull run continues. Broader market indices, however, failed to rise as much as the benchmark indices, with volatility witnessing a slight uptick during the session.
Nifty IT was one of the top gainers among the sectoral indices, rising 1.69 per cent, while Nifty Oil & Gas also registered a 1.49 per cent increase. However, banking and financial services indices ended in the red.
The top five gainers on the Nifty 50 were Wipro, LTIM, ITC, LT and TCS. On the other hand, the top drags on the 50-share index were Adani Enterprises, Eicher Motors, Cipla, NTPC and Axis Bank.
Deven Mehata, research analyst at Choice Broking, said, “Today, Nifty experienced a gap-up opening and exhibited volatility throughout the session. Ultimately, it closed positively near its all-time high. In contrast, Bank Nifty, on the weekly expiry, concluded the day near its lowest level at 46834.55.”
Meanwhile, Aditya Gaggar, Director of Progressive Shares, said, “Index-based buying continued for yet another trading session under the leadership of the Tech stocks. In the mid-session, profit booking in banking as well as several other stocks had put pressure on the Index to trade lower but late buying in the metal and select heavyweights helped to recover and to end the session at 20,937.70 with gains of 82.60 points.”
“The current rally seems weak as mid and smallcaps continue to underperform. At record levels, Nifty50 has made a DragonFly DOJI candlestick pattern which generally indicates a reversal of a trend. A close below today’s low will confirm a reversal of the trend while on the higher side, the psychological level of 21,000 will act as a resistance,” he added.