Nifty hits a new high of 23,323 amidst gains in heavyweight stocks

Benchmark equity indices soared to record highs during the initial hours on Wednesday with Nifty settling at all-time high mark of 23,323 amidst gains in heavy-weight stocks like HDFC Bank and Reliance Industries. 

The gains in public sector enterprises like Power Grid and Coal India also boosted sentiment.

The Nifty gained 58 points or 0.3 per cent to reach 23,323 mark. The Sensex meanwhile ended the session at 76,607, with a gain of 150 points or 0.2 per cent. 

The market capitalisation of BSE-listed companies hit a record high of Rs 429.32 trillion. The BSE benchmark is just 28.51 points away from breaching its previous lifetime peak of 77,079.04.

The broader market indices also hit new highs, and the Nifty Midcap 100 ended the session at 54,226, a gain of 1.04 per cent, and the Nifty Small cap 100 ended the session at 17,788, a gain of 1.2 per cent.

The market gains were due to robust domestic investor buying, the continuity of the current regime, and an improved economic growth outlook. Market experts are optimistic about the potential for fresh upside in finance and public sector firms, anticipating new government programmes.

“The Nifty has been witnessing consolidation for the past three days without fresh domestic triggers while cautiously awaiting the outcome of certain global events. The market is likely to consolidate in the near term with a positive bias,” said Siddhartha Khemka, head of retail research of Motilal Oswal Financial Services.

Going forward, the macro data from the US and statements of monetary policy officials will determine the market trajectory.

“We anticipate Nifty to hold within the 23,000-23,100 zone in case of a dip, while the 23,600-23,800 zone may act as an immediate resistance. Amidst these conditions, we reiterate our recommendation to seek buying opportunities on dips, focusing on sectors and themes that are drawing consistent interest,” said Ajit Mishra, SVP- research at Religare Broking.

The market breadth was strong, with 2,518 stocks advancing and 1,376 declining. Two-thirds of Sensex stocks gained.