Home » Sensex and Nifty Hit Record Highs as Private Banks Lead Gains

Sensex and Nifty Hit Record Highs as Private Banks Lead Gains

by Rajesh
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Stock market screen showing Sensex and Nifty hitting record highs with private banks leading gains.

India’s equity indices opened positively on Wednesday, with leading private banks such as IndusInd Bank, ICICI Bank, and Axis Bank emerging as top gainers on the Sensex. Early trading saw Sensex and Nifty hitting new all-time highs of 77,581 and 23,630, respectively.

By 9:40 a.m., the Bombay Stock Exchange (BSE) benchmark index had risen by 152 points, or 0.20%, to 77,453, while Nifty increased by 10 points, or 0.04%, to 23,568.

In contrast, the broader market underperformed compared to large-cap stocks. The Nifty Midcap 100 index fell by 479 points, or 0.87%, to 55,009, and the Nifty Smallcap 100 index dropped by 155 points, or 0.85%, to 18,080.

Sector-wise, financial services, pharma, banks, and the service sector were the major gainers. Conversely, auto, IT, FMCG, metal, and realty sectors lagged.

Deven Mehata, a research analyst at Choice Broking, commented, “Following a gap up, Nifty may find support at 23,500, 23,450, and 23,400 levels. On the upside, 23,650 is the immediate resistance, followed by 23,700 and 23,800.”

Foreign institutional investors (FIIs) continued their buying spree, purchasing equities worth Rs 2,569 crore on June 18. Domestic institutional investors also contributed by buying equities worth Rs 1,555 crore on the same day.

Globally, markets were trading positively in Seoul, Jakarta, Hong Kong, Tokyo, and Hong Kong. Shanghai and Bangkok markets, on the other hand, were trading negatively. Tuesday’s closing session saw significant gains on US markets. WTI was trading at $80 per barrel in the commodities market, while Brent crude was trading at $85 per barrel.

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