Stock Market Today: Amid widespread profit-taking, domestic benchmark indices Sensex and Nifty 50 hit fresh highs during a volatile trading session on Wednesday. The Nifty 50 hit an all-time high, surpassing the previous day’s close of 23,754.2, while the Sensex rose 134.64 points to touch an all-time high of 78,188.16 at opening trade. The Nifty Bank hit an all-time high during the session, surpassing the previous day’s close of 52,746.5.
“The positive run continues with major indices hitting new highs. Technically, every small dip is being bought reflecting a strong uptrend. We will continue with our buy on dips approach,” said Rajesh Bhosale, equity technical and derivatives analyst at Angel One.
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Financial services, IT, media, oil & gas, FMCG, pharma, public sector banks and private banks were among the gainers on the NSE sectoral indices, while automobile, metals and consumer durables were among the losers.
On the BSE, UltraTech Cement, Reliance Industries, IndusInd Bank, Kotak Mahindra Bank and ICICI Bank were among the top gainers, while Tata Steel, Mahindra & Mahindra, JSW Steel and Titan were among the bottom losers.
Despite starting flat, benchmark Sensex and Nifty 50 indices turned positive. Asian stock markets rose. US markets ended mixed on Tuesday.
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India’s major equity indices closed at all-time highs on Tuesday, led by gains in IT and banking stocks. The market rally came a day after RBI statistics showed a current account surplus of $5.7 billion, or 0.6 per cent of GDP, for the fourth quarter of fiscal 2023-24, according to an ICICI Direct Research report. At close, the Nifty 50 rose 0.78 per cent, or 183.45 points, to 23,721.30, while the Sensex rose 712 points, or 0.92 per cent, to 78,053.52.
“Though the market has once again touched all-time highs, now is the time to be cautious. FII buying levels have risen to a point that signals caution. Also, the risk/reward on the buy side at 23,800 does not justify creating fresh buying positions but rather profit booking,” said Rahul Ghose, CEO, Hedged.in.
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Disclaimer: The views and recommendations expressed above are those of the individual analysts or brokerage firms and not that of Mint. We recommend checking with a certified professional before making any investment decisions.
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