Sensex, Nifty hit 8-month highs as banks, auto stocks rally
Indian equities have seen significant gains recently, with the Sensex and Nifty reaching their highest levels since February. Heavyweight stocks in the banking and auto sectors contributed to this rally amid declining crude oil prices. Profit booking was expected as investors took some money off the table after the sharp market movements. Foreign investors purchased nearly $7 billion worth of…
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.
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