FII drive Nifty rally; all eyes on inflation print
Financial stocks dominated the Nifty 50 gainers
Mumbai: Indian equities hit their highest levels in nearly eight months on Wednesday, with the Sensex and Nifty closing at record highs, driven by gains in key banking and auto stocks amid a recent drop in crude oil prices. The indices ended 0.84% and 0.95% higher, respectively, at 25,255 and 81,880. Both gauges had topped since February 26, a day before Iran war began.
However, they retreated slightly as the day progressed, after surging up to 1.7% and 1.52% during intraday trade. Utsav Verma, head of research - institutional equities, Choice, stated that some profit-taking was anticipated post the sharp market rally, given the lack of fresh triggers. Most major catalysts have now been exhausted, including the conclusion of US elections, easing crude oil prices, and announcement of most corporate results.
Profit-taking by investors might be expected as they take profits after such a sharp move, Verma added.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 1 other outlet
- Sensex, Nifty hit 8-month highs as banks, auto stocks rally economictimes.indiatimes.com
