Sensex Today: Indian equity indices hit fresh record highs on Wednesday as banks recovered losses.
BSE Sensex soared as much as 0.64 per cent or 503 points to hit a fresh all time high of 78,556.33 levels. On the other hand, NSE’s Nifty50 rose 0.58 per cent or 138 points to hit a fresh record high of 23,858.90.
UltraTech Cement, ICICI Bank were the top gainers while JSW Steel, Tata Steel were the top laggards on BSE.
Similarly, on NSE, UltraTech Cement, ICICI Bank were the top gainers while Hindalco, Apollo Hospitals were the top laggards.
Broader markets remained mixed. Nifty SmallCap rose 0.33 per cent while MidCap was trading 0.13 per cent lower.
Sectorally, Nifty metal was the top loser, down over 1.26 per cent, followed by Healthcare (down 0.68 per cent).
Market View| V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
“A constant refrain during the last few months from many experienced investment experts has been that financials, particularly largecap private banks, offer value buying opportunities. The expected breakout in some of these bluechips has happened during the last several days. These stocks are likely to remain resilient since their FY25 Q1 numbers will be very good. The 16% credit growth in the economy and improving asset quality of these stocks augur well for them. Slight pressure on margins due to slow deposit growth and higher costs of deposits are unlikely to impact the bottom line significantly. From the valuation perspective, PSU banks now provide buying opportunities. Q1 results of financials, oil and gas, capital goods, automobiles, select pharma and telecom will be good. FMCG and IT will post subdued numbers as expected. There are green shoots in IT and, therefore, it presents a contra buying opportunity for long-term investors.”
Global Cues
Asian stocks wavered in choppy early trade on Wednesday as markets braced for a key US inflation reading. Meanwhile, the yen hovered just below the 160 per dollar level, keeping traders on alert for potential intervention by Japanese authorities
The Nasdaq rallied 1.3% on Tuesday, buoyed by strength in Nvidia and other tech megacaps, while the Dow slipped as retailers weighed and investors waited for crucial inflation data due out this week.
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