Sensex Hits New Life High, Nifty Nears Record Peak Ahead of Powell’s Testimony By

© Reuters.

By Malvika Gurung — Indian market indices jumped to record highs on Wednesday despite making a flat opening and tracking mixed cues from Asian peers ahead of Fed Chair on the economic outlook and recent monetary policy actions scheduled for later in the day.

The 30-scrip benchmark index hit a lifetime high of 63,588.31 points on Wednesday, rising 0.41% during the intraday trade, compared to its previous peak of 63,583, scaled in December 2022.

Headline index hit an intraday high of 18,875.9 on June 21, 2023, only a few points away from touching its all-time high of 18887.6 points scaled six months back.

The market fear barometer rose 2.5% to 11.4 levels in the ongoing session.

In a note provided to, S Ranganathan, Head of Research at LKP Securities stated that Sensex hit a new high on Wednesday on the back of a sustained increase in capital expenditure by the Government of India, coupled with rising manufacturing PMI.

Gains across market heavyweights including the HDFC twins, PowerGrid Corporation (NS:), ONGC (NS:), HDFC Life (NS:) and Larsen & Toubro (NS:) aided sentiments on Dalal Street, while metal majors JSW Steel (NS:) and Hindalco (NS:) were the top losers on the Nifty pack.

Sectoral indices listed under the Nifty umbrella traded mixed, with leading the losses and tanking over 1%, while banking and financial packs extended support to the overall market.

advanced 0.11% at 11:05 am.

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