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Markets at new high! Sensex hits 64K, ends 499 pts up; Nifty tests 19K

CLOSING BELL ON JUNE 28, 2023: The BSE Sensex hit a new all-time high at 64,050; Nifty at 19,011 and Bank Nifty at 44,508 on Wednesday.

Image SI Reporter New Delhi
Sensex, Nifty, stock market, BSE, NSE

Stock Market Highlights: The bulls had a field day on Wednesday with the key benchmark hitting record highs on the back of all-round buying support. Positive cues from the global markets, consistent FII buying and a dip in Crude Oil prices boosted the sentiment.

The S&P BSE Sensex rallied past the 64,000 mark to hit a new all-time high at 64,050.44. The BSE benchmark eventually ended with a gain of 499 points at 63,915.

The NSE Nifty 50 topped the 19,000-mark for the first-time ever and registered its new peak at 19,011.25. The Nifty finally ended at 18,972, up 155 points.

The 50-share index hit a new high after 142 trading sessions. Historically, the index has delivered an average return of over 32 per cent from its most recent low since 2018. So will the Nifty topple the 20,000-mark in the current rally?

Similarly, the Bank Nifty too scaled a fresh record high at 44,508, and finished 206 points higher at 44,328.

"After multiple attempts, the domestic market successfully managed to sustain record high levels, thanks to the increased buying interest in heavyweight stocks. The market's bullish momentum was further supported by strong FII inflows and a narrowing current account deficit, both of which positively impacted investor sentiments. The gains were widespread, with the pharma and metal sectors leading the way as top performers, outshining other sectors," said Vinod Nair, Head of Research at Geojit Financial Services in a note.

Tata Motors and Sun Pharma were the top gainers among the Sensex 30 stocks, up over 2 per cent each. Titan, NTPC, Larsen & Toubro, IndusInd Bank, Reliance Industries, UltraTech Cement, Infosys and HDFC Bank also logged smart gains. Tech Mahindra down a per cent was among the few notable losers.

Among the Nifty 50 shares, Adani Enterprises rallied over 5 per cent on the back of heavy volumes. The upmove came as the promoter entities of Adani group sold part of their stake in Adani Green Energy and Adani Enterprises to raise $1 billion. 
 
In the broader market, the BSE MidCap index gained in tandem with the BSE benchmark and was up 0.7 per cent. Whereas, the SmallCap index lagged and settled with minor 0.1 per cent gain.

Primary Market Update

Cyient DLM IPO was subscribed nearly 7 times as of 03:50 PM on Day 2 of the offer period. Retail portion received bids up to 22.7 times, while HNIs (Non-institutional segment) was subscribed 10 times.

IdeaForge Technologies IPO was subscribed up to 43.5 times. The retail quota was subscribed over 62 times, employee portion 59.3 times and HNIs 58.3 times. QIBs (Qualified Institutional Buyers) saw bids up to 30 times. The strong investor demand for the issue has prompted market regulator Sebi to extend the company's IPO till June 30. 

 

3:58 PM

ALERT :: Markets will remain shut on Thursday on account of Bakri-Id holiday

3:57 PM

Comment :: 'Traders shouldn’t go overboard'

It turned out to be an excellent session for bulls as Nifty touched a new milestone of “19000” and gained nearly a percent. The tone was positive from the beginning which further strengthened as the day progressed. Most of the sectors contributed to the move wherein pharma, energy and auto were among the top gainers. Meanwhile, the broader indices failed to attract much traction and ended with modest gains.
 
The move shows that bulls are in control however lack of decisiveness in the banking pack at the higher level is capping the momentum. We maintain our positive view and suggest aligning positions accordingly. At the same time, traders shouldn’t go overboard and stay focused on risk management citing the possibility of intermediate volatility.

Views by:  Ajit Mishra, SVP - Technical Research, Religare Broking
3:56 PM

Comment :: 'Widespread gains lift benchmarks to new highs'

After multiple attempts, the domestic market successfully managed to sustain record high levels, thanks to the increased buying interest in heavyweight stocks. The market's bullish momentum was further supported by strong FII inflows and a narrowing current account deficit, both of which positively impacted investor sentiments. The gains were widespread, with the pharma and metal sectors leading the way as top performers, outshining other sectors.

Views by: Vinod Nair, Head of Research at Geojit Financial Service
3:54 PM

ALERT :: BSE m-cap hits Rs 294 trillion

3:53 PM

IPO Alert :: Cyient DLM subscribed 6x till 3:30 PM on day 2

3:52 PM

IPO Alert :: IdeaForge issues subscribed 43x till 3:30 PM on day 3

>> Issue to close on June 30

3:49 PM

Currency check :: Rupee ends slightly higher

3:49 PM

Buzzing stock :: HDFC Life ends 2% lower amid bulk deal

>> 0.75% equity changed hands at 2:14 PM at Rs 672 per share

3:47 PM

Buzzing stock :: IndiGo hits news record high, m-cap touched Rs 1-trn mark

3:45 PM

Buzzing stock :: Adani Enterprises surges 5%

3:44 PM

Buzzing stock :: Tata Motors hits multi-year high as Sebi okays Tata Tech IPO

3:40 PM

Broader markets :: MidCap index rises in-line with benchmarks, SmallCap index trails

3:38 PM

Sectoral trends :: Nifty Pharma index rises the most led by Gland Pharma, Glenmark

3:37 PM

Sector check :: Nifty Bank hits record high of 44,508 intra-day

3:36 PM

Sectoral trends :: All but Media index rally on Wednesday

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First Published: Jun 28 2023 | 7:14 AM IST

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