Indian frontline indices extended gains in mid-session on Wednesday with IT stocks rallying. The uptrend propelled the NSE benchmark Nifty to a new all-time high of 25,114; its previous record was 25,078.
At 1.23 p.m., Sensex was trading up 233 points or 0.28 percent at 81,943 and Nifty up 84 points or 0.34 percent at 25,102.
The rally was led by IT stocks as the Nifty IT index also made a new lifetime high of 42,712.
In comparison to large-cap stocks, midcap and small-cap stocks showed weakness. The Nifty Midcap 100 index was up 42 points or 0.07 percent at 59,263 and the Nifty Smallcap 100 index was up 56 points or 0.29 percent at 19,389.
Major gainers were sectoral indices: Nifty IT rose 2.28%, Nifty Pharma 0.82%, Nifty Healthcare 0.93%, and Nifty Service Sector 0.58%. While, major losers were Nifty Media down 0.49%, Nifty PSU Bank 0.25% and Nifty FMCG 0.11% respectively.
The lead gainers in the Sensex pack were Wipro, IndusInd Bank, Infosys, Bharti Airtel, Tech Mahindra, HCL Tech, Sun Pharma, and M&M. Maruti Suzuki, Axis Bank, Asian Paints, Nestle, ITC, Ultratech Cement, Kotak Mahindra Bank, and L&T were among the major losers.
According to Shrey Jain, Founder and CEO, SAS Online, "Benchmark indices Sensex and Nifty opened flat to slightly positive in today's session. Range-bound movement between 24,950-25,100 range is expected for Nifty on this day, above which, new directional trend may find its way."
"In general, it would appear that the market is in the consolidation phase with relatively low volatility. Most likely, this trend will continue in the medium term," he added.
