Stock market today: The Indian stock market ended at record highs on Wednesday, recovering at the fag end of trade from intraday lows. Sensex closed above the key 85,000 mark for the first time ever and Nifty too breached the 26,000 mark on a closing basis, also a first for the 50-stock index.
Later, the 30-stock index ended 256 pts higher at 85,169 and Nifty ended 64 pts higher at 26,004.
Market cap of BSE-listed firms stood at Rs 475.25 lakh crore in today’s session.
Of 30 Sensex stocks, 15 shares ended in the green.
Banking and metal stocks led the rally with the BSE bankex and BSE metal index rising 205 pts and 133 pts, respectively.
PowerGrid, Axis Bank, NTPC, Bajaj Finserv, Bajaj Finance and Tata Steel were the top Sensex gainers, rising up to 3.91%. With nearly three months remaining in 2024, Sensex has climbed 17.90% this year and Nifty rallied 19.66% during the period.
During today's session, Sensex hit an all-time high of 85,247 and Nifty also reached a record high of 26,032.
With indices at record highs, here's a look at what analysts said on the outlook of the market.
Deepak Jasani, Head of Retail Research, HDFC Securities said, "A brief China-led rally seemed to be dying out, leaving shares in Europe and Asia mixed on Wednesday after a strong start that had extended overnight gains on Wall Street. European stock markets drifted lower amid concerns over the region’s growth outlook. Chinese and Hong Kong markets posted strong gains to extend the previous session's rally after China's central bank slashed its medium-term lending facility. Nifty broke out of the previous two days range forming an engulfing bull pattern on Sept 25 though its position at the highs is not ideal. Nifty continues to witness dip buying and is now headed towards 26,250 in the near term. 25611-26791 band could offer support."
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities said, "A reasonable bull candle was formed on the daily chart with minor upper shadow. Technically, this pattern indicates an attempt of upside breakout of the small range movement of 2 sessions at 26K mark. The near-term trend of Nifty continues to be positive. The market is exhibiting strong upside momentum with range bound action in between. The next upside levels to be watched around 26200-26300 (1.618% Fibonacci Extension). Immediate support is at 25,800."
Ajit Mishra – SVP, Research, Religare Broking said, "Markets experienced a volatile session but managed to extend their upward trend, with a sharp rally in the last half hour pushing Nifty to close near the day's high. Throughout most of the day, the tone was subdued, while sectoral performance was mixed. Energy and realty sectors posted gains, whereas IT and FMCG lagged. Profit-taking in midcap and smallcap stocks put pressure on market breadth. We maintain our bullish outlook amid ongoing consolidation and recommend focusing on stock selection aligned with sectoral trends. Besides rate-sensitive sectors, we observe strong momentum in metal and power stocks, while the current correction in IT presents a buying opportunity. Traders should plan their positions accordingly."
Vinod Nair, Head of Research, Geojit Financial Services said "After a range-bound trade, the benchmark indices inched higher towards close, led by power and banking stocks, while mid- and small-cap indices experienced corrections driven by valuation concerns. The domestic market may face short-term challenges owing to a decline in FIIs inflow and shift of funds to other emerging markets due to their cheap valuation. Meanwhile, gold, as a safe-haven asset, gained further appeal amid escalating tensions in the Middle East and the prospect of lower interest rates."
Rupak De, Senior Technical Analyst, LKP Securities said, "Technically, the Nifty has sustained above its very short-term moving average. Furthermore, no reversal is visible in the momentum indicator. Therefore, we might witness a range-bound to positive move in the near term. Resistance on the higher end, is seen at 26200-26250."