Benchmark indices Nifty and Sensex hit record highs on Wednesday, with the Sensex crossing the 80,000 mark for the first time driven by strong performances in banking and FMCG stocks. Sensex reached 80,013.77, up by 572.32 points or 0.72 percent at the time of reporting. Nifty also surged to 24,291.75, marking an increase of 168 points or 0.70 percent.<\/p>\n\n\n\n
Bank Nifty started positively, rising by 704 points or 1.35 percent to 52,872.30, while Nifty Midcap saw a gain of 295.20 points, up by 0.53 percent to 56,149.90.<\/p>\n\n\n\n
Across the sectoral indices on the National Stock Exchange (NSE), Auto, Financial Services, FMCG, Media, Pharma, PSU Bank, Private Bank, Realty, Healthcare, Consumer Durables, Oil and Gas, and Nifty Midsmall Healthcare opened in the red, with only IT stocks trading lower in the initial hours.<\/p>\n\n\n\n
Top gainers on the NSE included HDFC Bank, Britannia, HDFC Life, Tata Consumer, and Kotak Bank, while losers in the initial market hours included TCS, Sun Pharma, Ultra Cement, and Tech Mahindra.<\/p>\n\n\n\n
Ajay Bagga, a Market and Banking expert, highlighted that higher global markets, boosted by Fed Chairperson Powell\u2019s comments suggesting potential rate cuts in the US, influenced a positive opening for Indian markets. He noted a re-rating of IT stocks and a shift in leadership from NBFCs and PSU banks to private sector banks.<\/p>\n\n\n\n
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, commented on the favorable impact of US inflation trends on global equity markets, anticipating a rate cut by the RBI following the Fed\u2019s likely actions.<\/p>\n\n\n\n
The Nifty 50 index set a new high, indicating a sustained upward trend with potential upside momentum towards 24,400 following an intraday move above 24,300. The immediate support levels were seen at 24,000 and 23,500, affirming a positive bias unless breached.<\/p>\n\n\n\n
In contrast, Tuesday saw minor losses in domestic equity indices due to profit booking from record highs, with Sensex closing at 79,441.45, down by 34.74 points, and Nifty 50 settling at 24,123.85, down by 18.10 points. Despite these minor setbacks, the overall sentiment for Nifty remained positive, presenting consolidation phases as buying opportunities amid a bullish market pattern.<\/p>\n","protected":false},"excerpt":{"rendered":"
Benchmark indices Nifty and Sensex hit record highs on Wednesday, with the Sensex crossing the 80,000 mark for the first time driven by strong performances in banking and FMCG stocks. Sensex reached 80,013.77, up by 572.32 points or 0.72 percent at the time of reporting. Nifty also surged to 24,291.75, marking an increase of 168 […]<\/p>\n","protected":false},"author":1,"featured_media":3221,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":{"0":"post-3220","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-national"},"yoast_head":"\n