Updates on the stock market: D-Street is at record highs! Nifty Near 18950, Sensex Up 400 points
In Wednesday’s intraday session, the S&P BSE Sensex and Nifty50 Indian equity benchmarks reached new record highs of 63,716 and 18,908, respectively. This growth was driven by strong global signals and strong purchasing in a few frontline companies like Adani Enterprise, JSW Steel, Tata Motors, and Titan.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated: “The increase in HDFC twins, whose merger is set to occur on July 1st, was primarily responsible for the gain in the benchmark indexes yesterday. The large delivery volumes in HDFC Twins (Rs 2900 crores) show that stock selling to comply with the mutual fund holding limit of 10% is being offset by eager purchasing. This suggests that the stock, which was negatively impacted by worries about the merger, will probably do well after the transaction. This will support the ascent of Bank Nifty as well. The high market value is still a risk for the foreseeable future, however. At record highs, investors may book some profits.
State Bank of India, Tata Motors, the Bajaj Twins, and Infosys emerged as the top leaders in the 30-packed index, while the top runners in the 50-packed index were Adani Enterprises, Adani Ports, and Grasim Industries.
As the Nifty Midcap 100 and Nifty Smallcap 100 indexes soared up to 0.7%, other markets also shown strength.
The Nifty Metal, Nifty Consumer Durables, and Nifty PSU Bank indexes all swam in the sea of green, rising up to 0.7%.
“The Nifty has surged to an unprecedented all-time high, propelled by the solid fundamentals of the Indian economy and the consistent stability in global cues witnessed recently,” said Santosh Meena, Head of Research, Swastika Investmart Ltd. It is difficult to identify an immediate objective for this rising trend since the present market attitude points to a long-lasting structural bull run. It is important to keep in mind that the range between 19000 and 19191 may act as a resistance region and cause profit taking from higher levels. On the downside, however, 18700 serves as an immediate level of support, and 18450 is anticipated to act as a significant market base.
World cues
Following the rise in US markets, Tokyo shares began higher on Wednesday, and the falling yen also boosted purchasing.In early trading, the benchmark Nikkei 225 index increased by 0.86 percent, or 278.38 points, to reach 32,816.71. The larger Topix index increased by 0.85 percent, or 19.19 points, to reach 2,273.00.
As encouraging economic statistics allayed market concerns about an impending recession brought on by the Federal Reserve’s aggressive interest rate rises, US stock indices recovered on Tuesday from a recent losing streak.
