This was yet another record opening of the Indian equity market on Wednesday, driven by a surge in the banking sector stocks. Sensex and Nifty achieved new milestones and touched peaks of 80,039 and 24,292 respectively. Market breadth remained positive with 1573 stocks advancing and 628 declining on the NSE.
At 9:47 a.m., the Sensex was trading at 80,008, up 567 points or 0.71%. The Nifty stood at 24,290 with a gain of 164 points or 0.68%.
Shares of the banks were leading the charge of this recovery act. Nifty Bank surged by 946 points or 1.82 per cent to 53,115.
The top Sensex gainers were HDFC Bank, Kotak Mahindra Bank, ICICI Bank, IndusInd Bank, and Bajaj Finance. On the other hand, TCS, Sun Pharma, Infosys, Tech Mahindra, and Wipro were the top losers.
The Nifty Midcap 100 index surged to 56,112, up by 258 points or 0.44 percent, and the Nifty Smallcap 100 index rose to 18,617, up by 108 points or 0.59 percent.
HDFC Bank's shares were in the limelight, on expectations its weightage will increase in the MSCI index, giving a better space to FIIs to buy the stock.
On market trends, Deven Mehata, Research Analyst at Choice Broking said, "After a strong opening, Nifty's immediate support levels are 24,100, 24,000, and 23,950. Resistance is expected near 24,250, then at 24,300 and 24,400."
