Stock Market: Sensex Hits 63,000-Mark For First Time, Nifty Ends At Record High Of 18,750

Stock update: Mahindra & Mahindra, UltraTech Cement, Power Grid, Hindustan Unilever, Bharti Airtel, Asian Paints, Tata Steel, and Titan were major gainers on the S&P Sensex platform

Sensex and Nifty, the two key equity benchmarks, extended their winning run to seventh day amid a largely positive trend in global markets and continuous foreign fund inflows. The Sensex for the first time hit the 63,000-level for the first time on Wednesday.

The Sensex rallied 418 points (0.67 per cent) to end at 63,100, its fresh record closing high. During the day, the benchmark jumped 621 points (0.99 per cent) to 63,303, its lifetime intra-day peak. On the other hand, the broader NSE Nifty advanced 140 points (0.75 per cent) to end at 18,758, its fresh record closing high.

On the 30-share Sensex platform, Mahindra & Mahindra, UltraTech Cement, Power Grid, Hindustan Unilever, Bharti Airtel, Asian Paints, Tata Steel, and Titan were major gainers. On the flip side, IndusInd Bank, State Bank of India, HCL Technologies, and ITC were among the laggards.

The broader markets also ended on a firm note. The BSE Midcap index jumped over a per cent, while the Smallcap index added 0.6 per cent. The overall market breadth too was positive, with 2,072 stocks ending higher versus 1,424 stocks declining on the BSE.

"Domestic market continued its quest for gains, boosted by FII inflows. However, markets will be sensitive to the Fed Chair’s remarks later in the day, as investors are expecting a moderation in the pace of rate hikes. An in-line comment will help to sustain the rally while loosening Covid-19 restrictions in China is providing relief to global markets," said Vinod Nair, Head of Research at Geojit Financial Services.

Elsewhere in Asia, markets in Seoul, Shanghai, and Hong Kong ended higher, while Tokyo settled lower. Equity exchanges in Europe were trading higher in the afternoon trade. Wall Street had ended on a mixed note on Tuesday.

International oil benchmark Brent crude was trading 1.83 per cent higher at $84.55 per barrel.

Foreign Institutional Investors (FIIs) bought shares worth Rs 1,241.57 crore on Tuesday, as per exchange data.

Meanwhile, the rupee appreciated 34 paise to close at 81.38 (provisional) against the US dollar on Wednesday as a weak greenback in the overseas market and a rally in domestic equities boosted investor sentiment.

At the interbank foreign exchange market, the local unit opened at 81.63 and touched an intra-day high of 81.38 and a low of 81.64 against the greenback. The local unit finally settled at 81.38, registering a rise of 34 paise over its previous close. On Tuesday, the rupee declined 4 paise to close at 81.72 against the US dollar.