Shillong, June 28: Stock prices continue to surge as benchmark indices reach new highs, leaving experienced investors waiting for a significant correction as mere spectators, according to S. Ranganathan, Head of Research at LKP Securities.
On Wednesday, the NSE Nifty 50 climbed 54.70 points (0.82%) to 18,972.10, while the BSE Sensex rose by 499.39 points (0.79%) to 63,915.42, ending the session at fresh all-time highs. The Financial Services Index also reached yearly highs, nearing 20,000, driven by increasing credit demand and progress in monsoon coverage across the country. Additionally, an Indian airline’s market capitalization crossed Rs 1 lakh crore during Wednesday’s trade, noted Ranganathan.
Domestic equities had a remarkable day, with the Nifty and Sensex reaching record levels of 19,006.7 and 64,037, respectively. The market showed consistent momentum, closing with significant gains of 155 points (0.8%) at 18,972. The Nifty Bank also achieved a new high of 44,508. All sectors concluded in positive territory, with notable strength in metals, pharma, and oil and gas.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, highlighted that after multiple attempts, the Nifty successfully surpassed its previous highs. Strong institutional inflows, favorable macroeconomic conditions, and robust earnings growth propelled the domestic market to new heights. Moreover, positive US consumer and home sales data further improved investor sentiment.
Khemka expressed optimism, stating that with the arrival of the monsoon and the RBI maintaining interest rates, the market’s momentum is expected to continue and remain positive.