Sensex Closes at All-Time High with Auto Stocks Leading the Surge

Indian equity markets are showing a strong performance. Sensex is up by 666 points, while Nifty had crossed the 26,000 mark almost near to numbers 85,836 and 26,216, respectively. These two indices have gone and touched new all-time intraday tops of 85,930 and 26,250, respectively in Sensex and Nifty.

The SENSEX pack remained bullish with the leader among gainer stocks being Maruti Suzuki (NS: MRTI), Tata Motors (NS: TAMO), Bajaj Finserv (NS: BJFS), M&M (NS: MAHM), Tata Steel (NS: TISC), JSW Steel (NS: JSTL), UltraTech Cement (NS: ULTC), Bajaj Finance (NS: BJFN), Nestle (NS: NEST), Sun Pharma (NS: SUN), HUL, SBI (NS: SBI), Wipro (NS: WIPR), Asian Paints (NS: ASPN), ITC, and IndusInd Bank (NS: INBK). All other stocks closed in the red except L&T and NTPC (NS: NTPC).

The Nifty Smallcap 100 index closed 96 points or 0.50 per cent lower at 19,261 while the Nifty Midcap 100 index closed marginally higher by 4 points at 60,469.

Sectoral indices: Auto, IT, PSU Bank, fin service, pharma, FMCG, metal and commodity were major gainers. Only the consumer durable index closed in the red.

According to Rupak De, Senior Technical Analyst, LKP Securities: "The Nifty has broken out of consolidation in the short term. The momentum seems to be getting more constructive with the break out. The index has also closed above a crucial moving average, so the positive sentiment should sustain. It will be resistant to the downtrend's influence until the index breaks below 26,000."

Other market experts said that the recent stimulus announcement to the economy by China has increased a lot of investors' confidence, hence bringing much positive momentum in global markets especially Asian indices. Also, the upbeat market is being maintained and said that stable US economic data are at play here. Indian market is passing new highs as it's expected there would be a strong scale back for corporate earnings in H2FY25, based on expected government expenditure.

FIIs continued selling as they sold equities worth Rs 973 crore on September 25, while domestic institutional investors furthered their buying as they went on to buy equities worth Rs 1,778 crore on the same day.