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

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Sensex Hits New Life High, Nifty Nears Record Peak Ahead of Powell’s Testimony
Credit: © Reuters.

By Malvika Gurung

Investing.com -- 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 Jerome Powell’s two-day testimony on the economic outlook and recent monetary policy actions scheduled for later in the day.

The 30-scrip benchmark index Sensex 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 Nifty50 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 India VIX rose 2.5% to 11.4 levels in the ongoing session.

In a note provided to Investing.com, 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: PGRD ), ONGC (NS: ONGC ), HDFC Life (NS: HDFL ) and Larsen & Toubro (NS: LART ) aided sentiments on Dalal Street, while metal majors JSW Steel (NS: JSTL ) and Hindalco (NS: HALC ) were the top losers on the Nifty pack.

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

Nifty Bank advanced 0.11% at 11:05 am.

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  • mangesh wadte @mangesh wadte
    on expiry day it's going to be free fall...
    Like 0
  • Sunil Dani @Sunil Dani
    Indices hitting new/lifetime highs feels nice,but investors are primarily interested in their own portfolios! Good to note that India's economy is becoming healthier than ever.
    Like 0

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