Market at fresh closing highs! Sensex tops 63,500, Nifty settles above 18,850; PEL jumps 13%; Aptus Value tanks 9%

Domestic equity markets rose on Wednesday as BSE's barometer Sensex hit its new record highs, while both the benchmark indices (BSE and NSE) settled at highest levels on a closing basis. Despite weak global cues ahead of US Federal Reserve Chair Jerome Powell's testimony, Indian markets have been able to hold their gains on the back of domestic cues.

For the day, BSE Sensex gained 195.45 points, or 0.31 per cent, to settle at 63,523.15, while NSE's Nifty50 rose 40.15 points, or 0.21 per cent, to end the day at 18,856.85. Both headline indices settled at their record highs. BSE midcap and smallcap indices also ended with gains, while fear gauge India VIX rose more than a per cent to 11.29-level.

"It's purely the positive domestic fundamentals that are reflecting in the markets, which drove the Sensex to a new life-time high and pushed Nifty closer towards breaching its previous high. While global macro headwinds still persist, both domestic and foreign investors will continue to bet big on local shares amid improving growth parameters," said Shrikant Chouhan, Head of Research (Retail), Kotak Securities.

"Technically, on intraday charts the Nifty is holding a higher bottom formation, which is broadly positive. For traders, 18,780 would be the key support level to watch out for and above the same, the index could move up till 18,900-18,950. However, a quick short-term correction is not ruled out if the index trades below 18,780 and slips till 18,720-18,700," he said.

On a sectoral front, the Nifty metal index dropped about a per cent, followed by the Nifty FMCG and realty indices, which posted a significant drop. Among the gainers, Nifty financial services and media indices added about half a per cent each, while Nifty IT, oil & gas and PSU bank indices settled with decent gains.

In the Nifty50 pack, Power Grid shares topped the gainers with a 4 per cent rise, while ONGC, Adani Ports, and HDFC twins gained 2 per cent, each. Tech Mahindra, Wipro, Hero MotoCorp and Tata Consultancy Services added about a per cent, each.

On the downside, JSW Steel and Hindalco were leaders among the losers, each falling 2 per cent. Divis Labs, Mahindra & Mahindra and ITC cracked over a per cent each. IndusInd Bank, Axis Bank and Apollo Hospital Enterprises were among the other laggards for the day.

Concerns over global issues and a delayed monsoon persist, said Vinod Nair, Head of Research at Geojit Financial Services.

"Furthermore, market volatility was exacerbated by consecutive days of net selling by FIIs, while mid-cap stocks maintained their steady gains. Meanwhile, in the global market, sentiments were dampened as UK CPI inflation came in hotter than expected, adversely affecting investor confidence," he said.

A total of 3,642 shares were traded on BSE on Wednesday, of which 1,759 settled with gains. 1,757 stocks ended the session lower while 126 shares remained unchanged. A total of 198 shares hit their upper circuit, whereas 115 shares tested the lower circuit levels for the day.

In the broader markets, Piramal Enterprises surged more than 13 per cent after it sold a significant stake in Shriram Finance, which settled 11 per cent higher. Allsec Technologies gained over 13 per cent, while Vijaya Diagnostics Centre gained about 12 per cent for the day. Aether Industries gained 10 per cent amid QIP buzz.

On the contrary, Aptus Value Housing tanked 9 per cent after the bulk deal. Mazagon Dock Shipbuilders dropped 7 per cent on the back of profit booking, while Home First Finance also plunged 7 per cent. Jubilant Pharmova and DCX Systems dropped 5-6 per cent, each.

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