Sensex, Nifty Open At Record Highs; Realty Stocks Drag, Banks Shine
Indian stock markets opened at record highs on Wednesday. The BSE Sensex rose 242 points to 77,418, while the Nifty gained 71.90 points to 23,629.80.
The Nifty bank indices opened at 50,607.90, up 167 points or 0.33 percent, and the Nifty Midcap 100 hit a new high of 55,679.20, up 189.10 or 0.34 percent.
Shares of newly listed Le Travenues Tech, the parent company of Ixigo, surged 20 per cent during the opening session.
The rupee strengthened by 8 paise to 83.35 against the US dollar in the early trade on Wednesday.
Sectors such as financial services, pharma, private banks, and healthcare started in the green, while auto, FMCG, IT, media, metal, and realty witnessed declines.
“The undercurrent of the market continues to be bullish. Sustained huge domestic flows are the principal driver of this rally. It is also important to understand that there is fundamental support to the rally from the strong economic growth and good corporate earnings, said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
“Global support from the mother market of the US, which is setting new records, also is a positive factor,” he added.
Meanwhile, European stocks saw a minor recovery amidst ongoing political concerns in France, trailing the rise of Asian markets.
Despite concerns over interest rates, US futures remained steady after the S&P 500 reached its 30th record high of the year, helped by solid earnings and a positive economic outlook.
