Markets hit new record, Sensex closes above 67,000 mark
NEW DELHI : Indian stock markets continued their rally for the fifth straight session as benchmark indices marked fresh record highs on Wednesday. The Sensex breached the 67000-mark and Nifty crossed the 19800 level. Sensex scaled a record high of 67171.38, before closing at 67097.44, up 0.45%.
Nifty also rose to record highs of 19851.70 during the day and closed at 19833.15, with gains of 0.42%. “Market’s record-breaking spree continued on Dalal Street, as we are in the midst of a strong bull run backed by robust foreign fund inflows, strong growth prospects, even monsoon spread out and stable corporate earnings so far, which have increased the appetite for local stocks," said Shrikant Chouhan, head of research (retail) at Kotak Securities Ltd. Banks and financial stocks rose the most, driving the rally, while consumer durable companies, too, were on a roll following a strong performance by Polycab Ltd.
Energy, oil and gas, metals, pharma and healthcare stocks supported the rally. Most other sectoral indices ended higher along with gains in the broader markets. Only the IT sector saw some profit booking and the IT index ended marginally down.
The rally in the domestic markets remained supported by advances in the Asian markets after a strong finish to Wall Street stocks overnight. “The market continues to be resilient supported by favourable global setup and sustai-ned FII inflows," VK Vijayakumar, chief investment strategist at Geojit Financial Services, said. He added that the ongoing global market rally is primarily being driven by the strength of the US economy, which is, so far, showing no signs of recession that markets had feared and discounted in 2022.
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