Markets Closing On Wednesday (Image Source: iStockphoto)
On Wednesday, the Sensex gained 354.45 points to end at 75,038.15. Meanwhile, the Nifty also experienced a notable increase, rising over 111.05 points to conclude at 22,753.80. Remarkably, during the trading session, the Nifty reached an all-time high, touching 22,735.05 points.
Within the Nifty index, several prominent companies, including Coal India, BPCL, Kotak Bank, ITC, and Hindalco were among the top gainers. On the other hand, Cipla, HDFC Life, Divi’s Lab, Maruti and Shriram Finance Limited were among the top losers.
As indicated by exchange data, the Foreign Institutional Investors (FIIs) divested equities amounting to Rs 593.20 crore, meanwhile Domestic Institutional Investors (DIIs) were net buyers on Tuesday as they purchased securities worth Rs 2,257.18 crore.
The market capitalization of companies listed on the Bombay Stock Exchange (BSE) surged by a staggering Rs 2,27,024.52 crore, hitting a historic milestone of Rs 4,02,19,353.07 crore. Investors witnessed a remarkable increase in wealth, with gains amounting to Rs 2.27 lakh crore on Wednesday, propelled by the benchmark Sensex’s unprecedented closure above the 75,000 mark for the very first time.
Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities said, “The Bank Nifty index remained in consolidation mode at elevated levels, struggling to close above the 49,000 mark. Immediate support rests at 48,500, with resistance at 49,000. Any decisive move beyond these levels is expected to trigger trending moves. The index maintains a buy-on-dip stance, with 48,500 acting as a crucial support level to cushion against any downturns.”
Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas said, “The Nifty opened on a weak note and consolidated during the day. On the daily charts we can observe that the Nifty consolidated and traded within the range of the previous trading session. The Nifty appears to be consolidating after a sharp runup which is a healthy sign. We expect the consolidation to breakout on the upside and thus minor degree corrections should be bought into. On the upside we expect levels of 22700 which is the upper end of the rising channel. On the downside crucial support is placed at 22400 – 22350.”
