NEW DELHI: Led by firm global cues and heavy buying across financial stocks, especially in the HDFC twins, Indian equity market benchmark indices, BSE Sensex and NSE Nifty 50, scaled fresh lifetime highs of 64,046, and 19,011, respectively, in Wednesday's intra-day trade.
By 2.30 PM, Sensex was up 1.70 per cent or over 1,100 points while Nifty was up 1.60 per cent or 300 points.
So far in CY2023, the two indices have gained between 4-5 per cent but in the last three months, they have rallied about 12 per cent.
Naveen Kulkarni, Chief Investment Officer, Axis Securities PMS said, “Nifty 50 is at an all-time high, led by solid flows from both Domestic institutional investors and Foreign Portfolio Investors and strong fundamentals where we expect the Nifty 50 earnings to grow at 15 per cent Compound annual growth rate (CAGR) for the next two years. The announcement of a tentative effective merger date of 1st July for HDFC Bank. HDFC Ltd has also added to buoyancy in the current market.”
Santosh Meena, Head of Research, Swastika Investmart, said that the Nifty has surged to an unprecedented all-time high, propelled by the solid fundamentals of the Indian economy and the consistent stability in global cues witnessed recently. The current market sentiment indicates a sustained structural bull run, making it difficult to assign an immediate target to this upward trend, he added.
“However, it is worth noting that the levels around 19000–19191 could potentially serve as a resistance area, which might trigger profit booking from higher levels. Conversely, on the downside, the immediate support level can be identified at 18700, while 18450 is expected to provide a substantial base for the market,” said Meena.
Broader markets, too, witnessed buying on Wednesday with Nifty Midcap 100, and Nifty Smallcap 100 indices rising up to 0.7 per cent.