Stock Market Continues To Rally, Sensex Hits Fresh High Above 69,500, Nifty Crosses 20,900

In the broader markets, the Nifty Smallcap 50 remained the only laggard and was trading at a loss of 0.11 per cent. The Nifty Next 50 led the gains with an increase of 0.83 per cent.

The two key equity benchmarks, Sensex and Nifty, on Wednesday, touched fresh lifetime highs in early trade, continuing the rallying from the last three consecutive trading sessions. The BSE Sensex climbed over 300 points to hit the record high of 69,599.39 in early trade, while the NSE Nifty50 rose 100.05 points to touch a fresh peak of 20,955.15. 

As of 9:40 AM, the Sensex stood at 69,520.67, up by over 200 points, while the Nifty was trading at 20,919.15, at a gain of more than 60 points.

On the 30-share Sensex platform, ITC, Wipro, Nestle, Asian Paints, and HCL Tech emerged among some of the early gainers. While, ICICI Bank, NTPC, UltraTech Cement, Maruti, and Tata Steel were among the losers in morning trade. 

In the broader markets, apart from the Nifty Smallcap 50 trading at a loss of 0.11 per cent, the indices were trading on a positive note. The Nifty Next 50 led the gains with an increase of 0.83 per cent, followed by the Nifty Midcap 50 which gained 0.51 per cent. 

Sectorally, Nifty Realty, Private Bank, and Bank led the losses among the indices, followed by Auto and Financial Services. Among the gainers, Nifty Media and Oil & Gas led with increases of 1.90 per cent and 1.15 per cent respectively. 

Among specific stocks on the NSE, LTI Mindtree Ltd gained over 3 per cent in morning trade.

In the previous session on Tuesday, the two key equity benchmarks, Sensex and Nifty, reached new record highs during the day before closing on a strong note. The BSE Sensex hit a fresh lifetime high of 69,381.31 during the day and settled at a gain of 431.02 points at 69,296.14 as trading ended. The NSE Nifty50 reached a record high of 20,864.05 during trading, and settled at 20,855.10, after climbing 168.30 points. The markets have been on an upward trend for the last two trading sessions and reaching new highs every day. 

The domestic rupee appreciated 2 paise to touch 83.35 against the US dollar in early trade, owing to a strong rally in domestic equities and sustained foreign fund inflows. Forex traders noted that investors remained on the lookout for the monetary policy decision in the week. The Reserve Bank of India’s Monetary Policy Committee is set to begin its bimonthly review meeting on Wednesday and announce its decision regarding the interest rates on Friday. A day earlier, the currency closed at 83.37 against the greenback.