Share Market Update: Sensex, Nifty Close At Record Highs Amid Supportive Global Cues; Banking Stocks Shine
S&P BSE Sensex continued its bull rally for the third straight session and rallied 546.41 points or 1.02 per cent to end at its new record of 54,369.77.
Share Market Update: Domestic benchmark indices BSE Sensex and NSE Nifty scaled fresh highs on Wednesday in order to close today's trade in green. According to reports, Sensex surged past record 54,000-mark for the first time, as stellar earnings triggered risk appetite amid supportive global cues.
S&P BSE Sensex continued its bull rally for the third straight session and rallied 546.41 points or 1.02 per cent to end at its new record of 54,369.77. Sensex even scaled its lifetime peak of 54,465.91 during the session.
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Witnessing a similar sentiment, the broader NSE Nifty surged 128.05 points or 0.79 per cent to its all-time peak of 16,246.85. It touched a lifetime intra-day high of 16,290.20.
Banking and finance stocks saw hectic buying after largest lender State Bank of India (SBI) reported a 55 per cent jump in standalone net profit at Rs 6,504 crore for the June quarter, helped by a decline in bad loans.
HDFC was the top performer in the Sensex pack, jumping 4.77 per cent, followed by Kotak Bank, ICICI Bank, SBI, HDFC Bank and Axis Bank. Meanwhile, top laggards included firms like Titan, Nestle India, UltraTech Cement, Sun Pharma, Maruti and Bharti Airtel, dropping up to 2.14 per cent.
The market report also stated that overall breadth was negative with 16 Sensex stocks closing in the red, while 14 advanced.
Speaking to news agency PTI, Binod Modi, Head - Strategy at Reliance Securities said that the domestic equities extended gains with benchmarks Sensex and Nifty scaling fresh highs mainly on the back of sharp rebound in heavyweight financials.
He further noted that financials were the sole driving force for the market rally, which was triggered after better-than-expected June quarter performance reported by SBI.
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Nimish Shah, Chief Investment Officer - Listed Investments, Waterfield Advisors, said corporate results have come in-line with expectations across sectors.
"While the low base effect is influencing the year-on-year returns reported by large corporates, overall positive traction in the economy is turning out to be promising. On the back of this optimism, markets have continued to see healthy flows from local investors.
Sectoral indices such as BSE bankex, finance and power climbed as much as 2.60 per cent, while telecom, realty and consumer durables ended in red. Broader BSE midcap and smallcap indices underperformed the benchmark, shedding up to 1.06 per cent.
(With inputs from PTI)
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