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    Sensex scales Mt 63K for the first time; Nifty tops 18,700

    Synopsis

    The 30-share Sensex ended 418 points higher to scale Mt 63K, while its broader peer, Nifty50, ended above the 18,750 level after touching a new peak of 18,816.

    ignore-the-conjectures-on-this-bull-run-there-is-big-money-to-be-madeTHE ECONOMIC TIMES
    Amid renewed buying by FIIs, Sensex today zoomed past the 63,000 mark for the first time ever while Nifty ended well above the 18,700 mark. Investors would be looking for cues from Federal Reserve Chair Jerome Powell’s speech and release of India’s Q2 GDP data later in the day. Buying was seen across all sectors except PSU bank stocks.

    The 30-share Sensex ended 418 points higher to scale Mt 63K, while its broader peer, Nifty50, ended above the 18,750 level after touching a new peak of 18,816.

    “Domestic market continued its quest for gains, boosted by FII inflows. However, markets will be sensitive to the Fed Chair’s remarks later in the day, as investors are expecting a moderation in the pace of rate hikes. An In-line comment will help to sustain the rally while loosening Covid-19 restrictions in China is providing relief to global markets,” Vinod Nair, Head of Research at Geojit Financial Services, said.

    Among Sensex stocks, M&M, UltraTech Cement, HUL, Power Grid, Bharti Airtel, Tata Steel and Titan were the top gainers, rising about 1.5-4%. Asian Paints, Kotak Bank, L&T, NTPC, HDFC and Reliance also closed in the green. However, IndusInd Bank, SBI, HCL Tech and ITC closed with cuts.

    Sectorally, Nifty Metal rose 1.81%, and Nifty Auto surged 1.72%, while Nifty Realty and Nifty FMCG also closed higher. In the broader market, Nifty Midcap50 advanced by 1.04%, and Smallcap50 increased by 0.57%.

    “The Nifty, after a brief consolidation near 18600-18700 in the last couple of sessions, surpassed the barrier of 18700 towards the end of the session today. The index witnessed fresh momentum build up as it crossed that hurdle of 18700,” Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas, said.

    “The hourly and the daily upper Bollinger Bands expanded along with the price action, which assisted the bulls today. Thus, the Nifty is set to test 19000 on the upside. On the downside, 18700-18600 has now become a short-term base for the Nifty. Reversal for the short-term bullish stance can be trailed below this support zone,” he added.

    Earlier in Asian markets, Japan’s Nikkei 225 fell 0.21% while China’s Shanghai Composite and South Korea’s Kospi surged 0.05% and 1.61%, respectively.

    The Indian rupee strengthened on Wednesday, amid the chatter of dollar inflows hitting the market. The rupee ended at 81.42 per US dollar, against its previous close of 81.72, while the Brent crude January futures rose 1.85% to $88.81/barrel.

    The market breadth was skewed in favour of bulls. About 2,057 stocks gained, 1,439 declined and 106 remained unchanged. The market capitalisation of all listed companies on BSE increased by Rs 2.40 lakh crore to Rs 288.55 lakh crore.



    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

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    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

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    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice, on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds .)

    Download The Economic Times News App to get Daily Market Updates & Live Business News.

    Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.

    Top Trending Stocks: SBI Share Price, Axis Bank Share Price, HDFC Bank Share Price, Infosys Share Price, Wipro Share Price, NTPC Share Price

    ...more
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