Sensex, Nifty hit fresh record high levels in early trade

New Delhi: Indian stock markets opened at a record high on Wednesday with Sensex rising over 242 points at 77,418 whereas the Nifty opened at 23,629.80, up by 71.90 points.

Nifty bank indices opened at 50,607.90, up 167 points or 0.33 per cent whereas, the Nifty midcap 100 started with a new high of 55,679.20, up 189.10 or 0 34 per cent.

Newly listed Le Travenues Tech the parent company of Ixigo is buzzing in opening trade with the stocks of the company gaining 20 per cent.

At 10:17 am, Sensex was trading 52.73 points lower at 77,248.41, whereas Nifty was trading 41.55 points down at 23,516.35.

The Rupee rises 8 paise to 83.35 against US dollar in the early trade on Wednesday.

In the opening trade, sectors such as financial services, pharma, private banks, and healthcare started in green, while auto, FMCG, IT, media, metal, and realty again started in red.

“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 US, which is setting new records, also is a positive factor,” he added.

As the US progressively moves closer to the presidential election in November, it is also benefiting from good trends in global markets.

Amidst persistent political concerns in France, European stocks saw a minor recovery in the global market, trailing the rise of Asian markets. Despite worries about interest rates, US futures remained stable after the S&P 500 reached its 30th record high of the year, helped by solid earnings and a positive economic outlook.



Please enter your comment!
Please enter your name here