Mumbai (Maharashtra) [India], Indian markets hit an all-time high on Wednesday as Sensex crossed the 80,000 mark for the first time.
At the close of the session both indices reached new 52-week highs. The Sensex closed at an all-time high of 79,986.80 points, very close to 80,000.
Meanwhile, the Nifty 50 index also maintained its bullish momentum, ending at 24,286.50 points, marking its highest closing level ever.
"Sensex crossing the 80,000 mark is a great achievement for the Indian stock market. 16 years ago it was at 8,800 on the day Lehman, the leading bank in the US markets, crashed. Nine times the return in 16 years. Without However, four years ago recently, during Covid times, it was at 26,000, which seems unrealistic but it is true," said Shrikant Chouhan, head of equity research at Kotak Securities.
The broader market on the National Stock Exchange reflected this bullish trend, with all indices closing with gains on Wednesday.
Among sectoral indices, Nifty Media was the only exception as all other sectors supported the rally and ended the day in positive territory.
HDFC Bank shares led gains on the Sensex, which hit a new high of Rs 1,794. This was followed by impressive performances by Kotak Bank, Bajaj Finance, Bajaj Finserv and M&M.
However, not all stocks rode the wave of optimism; Tech Mahindra, TCS, Sun Pharma, Infosys and Bharti Airtel were among the top losers.
On the NSE, Britannia, ICICI Bank and Axis Bank emerged as the top performers, contributing significantly to the day's gains. On the other hand, Tata Motors and Ultratech Cement faced losses, leaving them lagging in a day dominated by positive sentiment.
"The Indian rupee may face challenges due to rising crude oil prices. Being one of the world's largest oil importers, India could see a deterioration in its current account deficit (CAD) after experiencing a surplus for the first time. once in a year and a half. "Rising oil prices also threaten the headline inflation target, which could lead the Reserve Bank of India (RBI) to maintain a prolonged hawkish stance," said Riya Singh, commodity and currency research analyst at Emkay Global.
At the close of the session both indices reached new 52-week highs. The Sensex closed at an all-time high of 79,986.80 points, very close to 80,000.
Meanwhile, the Nifty 50 index also maintained its bullish momentum, ending at 24,286.50 points, marking its highest closing level ever.
"Sensex crossing the 80,000 mark is a great achievement for the Indian stock market. 16 years ago it was at 8,800 on the day Lehman, the leading bank in the US markets, crashed. Nine times the return in 16 years. Without However, four years ago recently, during Covid times, it was at 26,000, which seems unrealistic but it is true," said Shrikant Chouhan, head of equity research at Kotak Securities.
The broader market on the National Stock Exchange reflected this bullish trend, with all indices closing with gains on Wednesday.
Among sectoral indices, Nifty Media was the only exception as all other sectors supported the rally and ended the day in positive territory.
HDFC Bank shares led gains on the Sensex, which hit a new high of Rs 1,794. This was followed by impressive performances by Kotak Bank, Bajaj Finance, Bajaj Finserv and M&M.
However, not all stocks rode the wave of optimism; Tech Mahindra, TCS, Sun Pharma, Infosys and Bharti Airtel were among the top losers.
On the NSE, Britannia, ICICI Bank and Axis Bank emerged as the top performers, contributing significantly to the day's gains. On the other hand, Tata Motors and Ultratech Cement faced losses, leaving them lagging in a day dominated by positive sentiment.
"The Indian rupee may face challenges due to rising crude oil prices. Being one of the world's largest oil importers, India could see a deterioration in its current account deficit (CAD) after experiencing a surplus for the first time. once in a year and a half. "Rising oil prices also threaten the headline inflation target, which could lead the Reserve Bank of India (RBI) to maintain a prolonged hawkish stance," said Riya Singh, commodity and currency research analyst at Emkay Global.
