Synopsis: The stock market saw a remarkable surge, with the BSE Sensex climbing over 500 points to 76,968 and the NSE Nifty reaching a record high of 23,420. This upward movement was propelled by gains in banking, financial, IT, and metal sectors, leading to a substantial increase of Rs. 2.8 lakh crore in investor wealth.
The 30-share BSE Sensex surged over 500 points to reach a day high of 76,968, while the broader NSE Nifty index climbed 155 points to achieve a record peak of 23,420.
Domestic stocks saw a significant rise in Wednesday's trade, with Nifty50 hitting a fresh lifetime high.
The substantial increase was driven by gains in banking, financial, IT, and metal stocks.
The 30-share BSE Sensex soared over 500 points to a day high of 76,968, while the broader NSE Nifty index gained 155 points to hit a record peak of 23,420.
This surge in the domestic markets generated around Rs. 2.8 lakh crore in BSE market capitalization (m-cap).
Buying interest in key stocks like HDFC Bank, ICICI Bank, Reliance Industries Ltd, Larsen & Toubro (L&T), Bharti Airtel, and Bajaj Finance lifted the indices higher.
Here’s a summary of today’s market performance:
Investor wealth jumps Rs. 2.8 lakh crore.
Investor wealth, as indicated by the BSE m-cap, increased by Rs. 2.88 lakh crore to Rs. 429.83 lakh crore today, compared to Rs. 426.94 lakh crore in the previous session.
187 stocks hit 52-week high levels on BSE.
A total of 187 stocks reached their 52-week high levels today.
BSE 500 stocks such as AAVAS Financiers, Aditya Birla Sun Life AMC, Ashok Leyland, BASF India, Bharat Forge, Airtel, CIE India, Dixon, and Finolex Cables reached their respective one-year highs.
However, 14 stocks touched their 52-week lows today.
Market breadth strong: 2,585 stocks were in the green.
Out of 3,724 stocks, 2,585 stocks were advancing on BSE. 995 stocks were declining, while 144 stocks remained unchanged.
Privi Speciality, Trident & Tata Tele soar up to 8%:
Stocks such as Privi Speciality Chemicals, Trident, Tata Teleservices (Maharashtra), MMTC, Tanla Platforms, Network18, Linde India, Praj Industries, and Nesco surged as much as 8.46%.
Banks & financials among top gainers:
Major constituents that drove the Sensex higher included HDFC Bank, ICICI Bank, RIL, L&T, Airtel, Bajaj Finance, SBI, and Axis Bank. HDFC, ICICI, and Reliance alone contributed significantly to the 273-point rise.
On NSE, 15 out of the 16 sub-indices were trading in the green.
Nifty Bank, Nifty Financial Services, Nifty IT, and Nifty Metal outperformed the NSE index by rising 0.98%, 1.05%, 0.66%, and 0.78%, respectively.
FII-DII data:
Foreign institutional investors (FIIs) sold Rs 111.04 crore of shares on a net basis yesterday, while domestic institutional investors (DIIs) purchased Rs 3,193.29 crore of stocks, according to exchange data.
In summary, the stock market experienced a significant upturn, with the BSE Sensex and NSE Nifty hitting new highs.
This rally was driven by strong performances in the banking, financial, IT, and metal sectors, resulting in a notable increase in investor wealth.
Key stocks like HDFC Bank, ICICI Bank, and Reliance Industries played a major role in the market's ascent.
The positive market breadth and gains in several stocks underscored the overall bullish sentiment.
However, it's important for investors to consult financial advisors for personalized investment decisions.
Disclaimer: We provide stock market news for informational purposes only and it should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
