The benchmark indices continued their upward momentum on Wednesday, registering fresh record highs. The BSE Sensex crossed the historic 80,000 mark for the first time ever, while the Nifty50 scaled a new peak as well. Key banking and financial stocks led the march towards new high ground.
Heading into previously uncharted territory, the Sensex index gained over 570 points to reach 80,013 levels in early trade. The broader Nifty50 index soared past its lifetime high of 24,200 to trade at 24,291. This marks the first time both indices have achieved these milestones.
Leading the charge on Dalal Street was HDFC Bank. The private sector banking major rallied over 3.5% to an all-time high on expectations of a hike in its weightage on the MSCI Global Standard Index. ICICI Bank, Kotak Mahindra Bank and Bajaj Finance also joined in the record run, adding over 2% each.
Gains were fairly broad-based with buying interest seen across sectors. Market breadth remained in favour of advances, with over 2 stocks rising for every 1 declining on the BSE. Asian markets largely traded higher taking cues from the upbeat mood.
After the recent breakout into uncharted territory, investors will be eyeing whether the momentum can be sustained going forward. Upcoming macroeconomic data and global risk sentiment will remain key monitors.
