Stock Market Update: Sensex crosses 63,000 mark for first time; Nifty around 19,000

After a quiet start to the trading session, the bulls came roaring towards the end of the day and propelled the key frontline indices to newer heights on Wednesday. Stock Market Update: Sensex crosses 63,000 mark for first time; Nifty around 19,000.

The S&P BSE Sensex had dipped to a low of 62,648 in early deals, the benchmark rebounded and exhibited lacklustre movement for a major part of the trading day. However, late buying saw the BSE Sensex zoom to a high of 63,303. The Sensex finally ended above the 63,000-mark for the first-time ever, up 418 points at 63,100.

In the process, the BSE index has rallied 1,955 points in the last seven straight trading sessions. The NSE Nifty surged 162 points to a new closing high at 18,780. “Domestic market continued its quest for gains, boosted by FII inflows. However, markets will be sensitive to the Fed Chair’s remarks later in the day, as investors are expecting a moderation in the pace of rate hikes.

An In-line comment will help to sustain the rally while loosening COVID-19 restrictions in China is providing relief to global markets,”, Vinod Nair, Head of Research at Geojit Financial Services said. Among the Sensex 30 shares, Mahindra & Mahindra soared 4.3 per cent to Rs 1,311. UltraTech Cement, Hindustan Unilver and PowerGrid Corporation gained 2 per cent each.

Bharti Airtel, Tata Steel, Titan, Asian Paints and Kotak Bank also finished with smart gains. On the flip side, IndusInd Bank and SBI were down around a per cent each. The broader markets also ended on a firm note. The BSE Midcap index jumped over a per cent, while the Smallcap index added 0.6 per cent. The overall market breadth too was positive, with 2,072 stocks ending higher versus 1,424 stocks declining on the BSE today.

Among individual stocks, Zomato gained 2.7 per cent at Rs 65.25 amid reports that Alibaba Group Holding was suppose to offload 3 per cent stake in the company via block deals. The counter saw trades of around 572.70 million shares on the BSE and NSE combined.

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Shares of oil & gas companies, including those of city gas distribution (CGD) companies, were in focus on Wednesday and moved higher by up to 4 per cent on the BSE intra-day trade on reports that the Kirit Parikh Committee recommended a floor and ceiling price for natural gas produced from legacy fields for a period of five years.