Nifty, Sensex Hit New Life Peaks, Nifty Cracks Past 18,900 Mark, Metals Shine

By Malvika Gurung

Investing.com -- Indian market indices made a higher opening on Wednesday following a strong rebound on Wall Street in the overnight session on the back of upbeat economic data and continued to rise in morning trade. 

The benchmark index Nifty50 recorded a new all-time high on Wednesday and surpassed the 18,900 mark at 18,908.15 points, while the 30-scrip Sensex also hit a new peak of 63,716 points in the session.

At 10:19 am, headlines Nifty gained 0.4% to 18,891.1 levels and Sensex added 226.1 points or 0.36%. The market fear barometer India VIX rose 2.5% to 11.05 levels in the session.

Barring Nifty Media , all sectoral indices listed under the Nifty umbrella traded in the green on Wednesday, led by a sharp 1.3% uptick in Nifty Metal , while Nifty Bank advanced 0.2%.

In a note provided to Investing.com, Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, points out that the high market valuation continues to be a concern for the near-term, and advises that investors could book some profits at record highs.

Metal stocks led the rally on the Nifty pack, with the heavyweight Adani Enterprises’ stock jumping 5%, while JSW Steel (NS: JSTL ) and Adani Ports (NS: APSE ) gained 2% in the morning trade. On the flip side, banking and financial stocks exerted pressure on Dalal Street, as HDFC Life (NS: HDFL ), Kotak Mahindra (NS: KTKM ), Axis Bank (NS: AXBK ) and ICICI Bank (NS: ICBK ) shed the most on the benchmarks.