Mumbai. The key stock index Sensex closed above the 85,000 mark for the first time on Wednesday, while the Nifty also reached a new all-time high. Buying in banking and power sector stocks in the last few hours of trading during the day helped the stock markets recover from initial losses.
In a volatile trade, the 30-share BSE Sensex rose 255.83 points or 0.30 per cent to close at an all-time high of 85,169.87 points. During the day, it rose 333.38 points or 0.39 per cent to reach a high of 85,247.42 points. 20 Sensex stocks closed with gains and 10 with losses. On the other hand, the National Stock Exchange’s Nifty rose 63.75 points or 0.25 per cent to close at a record high of 26,004.15 points. During the day’s trading, it rose 92.4 points or 0.35 per cent to reach a new high of 26,032.80 points.
Among the 30 Sensex companies, Power Grid, Axis Bank, NTPC, Bajaj Finserv, Bajaj Finance, Tata Steel, Mahindra & Mahindra and HDFC Bank saw significant gains. On the other hand, shares of Tech Mahindra, Tata Motors, Titan, Kotak Mahindra Bank, State Bank of India and JSW Steel closed with losses. Vinod Nair, Head of Research, Geojit Financial Services, said, “After trading in a limited range, the major indices registered gains, led by power and banking sector stocks. On the other hand, the indices of mid-cap and small companies declined due to valuation concerns.” He said that the domestic market may face short-term challenges due to the decline in FII inflows and cheap valuations in other emerging markets.
Deepak Jasani, Head of Retail Research, HDFC Securities, said, “Nifty recovered from the day’s low in the last hours of trading and closed at a record level. The brief rally led by China seems to be ending, due to which the stock markets of Europe and Asia remained mixed on Wednesday.” Talking sector-wise, Utility rose 0.99 percent, Power 0.87 percent, Realty 0.71 percent, Metal 0.40 percent, Telecom 0.24 percent and Commodity 0.23 percent. Consumer durables, IT, services, technology, automobile and industrial sectors registered a decline.
In other Asian markets, China’s Shanghai Composite and Hong Kong’s Hang Seng closed with gains. On the other hand, South Korea’s Kospi and Japan’s Nikkei closed with weakness. US markets closed with gains on Tuesday. According to stock market data, foreign institutional investors (FIIs) sold shares worth Rs 2,784.14 crore net on Tuesday. Global oil benchmark Brent crude fell 0.35 percent to $74.91 per barrel.