Share Market Today: Sensex Gains 621 Points; Nifty Settles Above 23,850. Reliance Up 4%
Share market today: On the 30-share Sensex platform, Reliance jumped 4.09 per cent followed by, Airtel, UltraCemco, ICICI Bank, Sun Pharma, Axis Bank
Share market today: The two key equity benchmarks, Sensex and Nifty, on Wednesday extended their lead for a second consecutive session, led by banks and index heavyweights. The BSE Sensex hit a record high of 78,759, while the Nifty50 scaled 23,890 during intraday trade. The 30-share BSE benchmark closed at 78,674, rising 621 points. On the other hand, the NSE Nifty50 ended at 23,869, up 148 points.
Stock update
On the 30-share Sensex platform, Reliance jumped 4.09 per cent followed by, Airtel, UltraCemco, ICICI Bank, Sun Pharma, Axis Bank. On the down side, M&M, Tata Steel, TechM, JSW Steel, Titan, HDFC Bank were among the losers.
In the broader markets, the BSE Midcap dropped 0.29 per cent, while the BSE Smallcap gained 0.15 per cent.
Sectoral update
Sectorally, the Nifty Bank index hit a fresh record high as it went closer to 53,000. It rose 0.5 per cent. Nifty Media advanced 1.6 per cent. On the down side, Nifty, Metal, Realty, and Auto indices declined 1.4 per cent.
In the previous session on Tuesday, the S&P BSE Sensex closed at 78,053, rising 712 points, while the NSE Nifty50 settled with gains of 183 points at 23,721.
"The domestic market hit a new peak, bolstered by a rally in large-cap stocks, where the valuation is relatively fair. In contrast, mid and smallcap stocks saw profit-taking due to valuation concerns. Currently, the financials & consumption stocks are catching up driven by improved balance sheets, a strong GDP growth forecast, and softening inflation. Global market sentiments reflected similar trends, with a consensus on imminent rate cuts," said Vinod Nair, Head of Research, Geojit Financial Services.
Global update
In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong settled with gains. European markets were trading on a mixed note. US markets ended mostly higher on Tuesday.
Global oil benchmark Brent crude climbed 0.80 per cent to $85.69 a barrel.
Foreign Institutional Investors (FIIs) bought equities worth Rs 1,175.91 crore on Tuesday, according to exchange data.
Rupee slips 17 paise
The rupee depreciated 17 paise against the US dollar and settled at 83.60 (provisional) on Wednesday, weighed down by the strength of the American currency in the overseas market and elevated crude oil prices. However, a firm trend in domestic equities, wherein benchmark indices scaled new peaks, supported the local unit and restricted the downslide, forex traders said.
At the interbank foreign exchange market, the local unit opened at 83.45 and hit the intraday high of 83.43 and a low of 83.61 against the greenback during the session.
It finally settled at 83.60 (provisional) against the dollar, 17 paise lower than its previous close. On Tuesday, the rupee appreciated 4 paise and settled at 83.43 against the greenback.
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