Mumbai: The Indian main indices, NIFTY 50 extended their gains in the middle of Wednesday, owing to a rise in IT stocks.
The Nifty, riding the wave of the uptrend, achieved a significant milestone by reaching a new all-time high of 25,114 on the National Stock Exchange (NSE), surpassing its previous record of 25,078.
At 1.23 p.m., the Sensex was on an upward trajectory, gaining 233 points or 0.28 per cent at 81,943, while the Nifty was also in the green, up 84 points or 0.34 per cent at 25,102.
The rally that propelled the market to new heights was primarily fuelled by the robust performance of IT stocks, with the Nifty IT index also reaching a new lifetime high of 42,712.
Weakness was seen in midcap (companies with a market capitalization between $2 billion and $10 billion) and smallcap (companies with a market capitalization between $300 million and $2 billion) stocks compared to large-cap stocks. The Nifty midcap 100 index was up 42 points, or 0.07 percent, at 59,263, and the Nifty smallcap 100 index was up 56 points, or 0.29 percent, at 19,389.
Among the sectoral indices, Nifty IT (2.28 per cent), Nifty Pharma (0.82 per cent), Nifty Healthcare (0.93 per cent) and Nifty Service Sector (0.58 per cent) were the major gainers. Nifty Media (0.49 per cent), Nifty PSU Bank (0.25 per cent) and Nifty FMCG (0.11 per cent) were the major losers.
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Wipro, IndusInd Bank, Infosys, Bharti Airtel, Tech Mahindra, HCL Tech, Sun Pharma, and M&M contributed the most to the Sensex pack. Maruti Suzuki, Axis Bank, Asian Paints, Nestlem ITC, Ultratech Cement, Kotak Mahindra Bank, and L&T fell the most.
Shrey Jain, the Founder and CEO of SAS Online, said, “Benchmark indices Sensex and Nifty began today’s trading session with a muted tone, opening flat to slightly positive. The Nifty index is expected to remain range-bound between 24,950 and 25,100 for the day. A breakout from this range could pave the way for a new directional trend.”
“Overall, the market appears to be in a consolidation phase characterised by low volatility, and this trend is likely to continue in the near term,” he added.
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–IANS
