Wednesday saw a surge in the benchmark indices, with the Sensex climbing nearly 1%, gaining 701 points to reach a remarkable high of 72,038.43. Simultaneously, the Nifty hit an impressive new peak of 21,654.75, rising by 1%, marking a significant uptick of 213 points. Mandar Bhojane, Equity Research Analyst at Choice Broking, highlighted these substantial gains in the market.
All sectoral indices, except for oil & gas and power, closed in positive territory, with auto, bank, and metals sectors each witnessing a 1% rise, contributing to the overall market uptrend.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, attributed the robust performance of domestic equities to favorable global cues and a notable decline in India's current account deficit to 1%. This positive sentiment propelled Nifty to achieve a fresh high, closing with significant gains of 213 points, aided by buying in heavyweight index stocks.
On Wednesday, PSU banks and metals emerged as the top gainers, experiencing a 1-2% increase. The cement sector also garnered attention on expectations of robust volume growth.
The buoyancy in global markets coupled with encouraging macroeconomic data propelled Nifty to new highs, even during the holiday season. Although the monthly derivatives expiry on Thursday might introduce some volatility, the market's underlying sentiment remains bullish, with consistent gains observed over recent weeks.
Vaibhav Vidwani, Research Analyst at Bonanza Portfolio, noted the superior performance of Nifty PSU Bank and Nifty Auto, with gains of 2.06% and 1.51%, respectively, on Wednesday. Bank of Baroda and SBI's substantial contributions within Nifty PSU Bank were instrumental in this upswing.
(With Agency Inputs)
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