Benchmark stock indices scaled all-time highs on Wednesday aided by FII buying and shrinking Current Account Deficit (CAD).
The S&P BSE Sensex rose to an all-time high of 64,050 intraday before closing at a record 63,915.42, rising 499 points or 0.79%.
Top gainers in the Sensex pack included Tata Motors (2.38%), Sun Pharma (2.07%), NTPC (1.80%) and Titan (1.64%).
Top gainers in the Sensex pack included Tata Motors (2.38%), Sun Pharma (2.07%), NTPC (1.80%) and Titan (1.64%)
The NSE Nifty-50 index also surged to its all-time high of 19,011.25 points during intraday trade before closing at a record high of 18,972.10 points, or 0.82%
Vinod Nair, Head of Research at Geojit Financial Services said, “After multiple attempts, the domestic market successfully managed to sustain record-high levels, thanks to the increased buying interest in heavyweight stocks.”
“The market’s bullish momentum was further supported by strong FII inflows and a narrowing current account deficit, both of which positively impacted investor sentiments,” he said.
The gains were widespread, with the pharma and metal sectors leading the way as top performers, outshining other sectors, he added.
Ajit Mishra, SVP, Technical Research, Religare Broking Ltd., said the broader indices failed to attract much traction and ended with modest gains.
“The move shows that bulls are in control. However, lack of decisiveness in the banking pack at the higher level is capping the momentum,” he added.
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