Stock market today: BSE Sensex surges over 500 points; Nifty50 hits lifetime high as bulls party – Times of India

Stock market today: Indian equity benchmark indices, BSE Sensex and Nifty50, surged in trade on Wednesday, with Nifty50 hitting a lifetime high. While BSE Sensex was close to the 77,000 mark, Nifty50 hit an all time high of over 23,420. At 10:41 AM, BSE Sensex was trading at 76,960.71, up 504 points or 0.66%. Nifty50 was at 23,420.60, up 156 points or 0.67%.
The top Sensex 30 gainers at this time included HCL Tech, HDFC Bank, Power Grid, Bajaj Finance, Tech Mahindra, Bharti Airtel and Tata Steel.The top Sensex 30 losers included Asian Paints, Titan, HUL, M&M, Nestle India, ITC and Maruti Suzuki.
The domestic markets closed flat on Tuesday, lacking fresh triggers following a strong recovery post the election results. Market analysts are of the view that the stock market seems to be in consolidation mode due to the absence of any new catalysts.
Siddhartha Khemka, Head – Retail Research, Motilal Oswal, says, “Globally, investors are cautiously awaiting US CPI data and US Fed policy outcome which will be released tomorrow. The US Fed commentary could provide direction to the market. So far investors are baking in one rate cut towards the end of the year and any deviation from that could drive the market on either side.”
Nagaraj Shetti of HDFC Securities says that the index is currently placed at the hurdle of 23400-23500 levels, which are weighing high for the market to sustain the new all-time highs, suggesting a possibility of a dip in the market. Immediate support is at 23050 levels, he said.
Oil prices ticked higher on Wednesday due to upbeat global demand views from the U.S. Energy Information Administration and OPEC. Brent crude futures rose 11 cents to $82.04 a barrel, while U.S. West Texas Intermediate (WTI) crude futures gained 18 cents to settle at $78.10.
Foreign portfolio investors turned marginal net sellers at Rs 111 crore on Tuesday, while domestic institutional investors bought shares worth Rs 3,193 crore. The net short of FIIs reduced from Rs 1.43 lakh crore on Monday to Rs 1.25 lakh crore on Tuesday.