Sensex and Nifty hit record highs, with Maruti Suzuki and Wipro leading the gains.
Indian benchmark indices soared to record highs on Thursday, buoyed by positive global cues.
As of 9:46 a.m., the Sensex was up 144 points (0.17%) at 85,314, while the Nifty gained 36 points (0.14%) to reach 26,040. Early trading saw both indices hit all-time highs of 85,372 and 26,056, respectively.
Among the top performers in the Sensex, Maruti Suzuki, Wipro, Tata Motors, Nestle, HCL Tech, Tech Mahindra, Infosys, ITC, TCS, Bajaj Finserv, HUL, Bharti Airtel, Axis Bank, and SBI stood out. In contrast, Power Grid, NTPC, Tata Steel, JSW Steel, Titan, Bajaj Finance, HDFC Bank, L&T, and Kotak Mahindra Bank experienced declines.
Midcap and smallcap stocks faced selling pressure, with the Nifty midcap 100 index down 375 points (0.62%) at 60,089 and the Nifty smallcap 100 index down 104 points (0.54%) at 19,252.
Market experts noted that there are no immediate triggers to cause significant market fluctuations. While further FII selling might occur as funds shift to undervalued markets in China and Hong Kong, they emphasized that the strong domestic liquidity would likely cushion the market from any major downturn.
They predict a range-bound market in the near term, with significant activity expected to be stock-specific.
Sector-wise, PSU Bank, metals, realty, energy, private banks, and infrastructure were among the biggest losers, while auto, IT, pharma, FMCG, services, and healthcare sectors gained.
Asian markets reflected a bullish trend, with Tokyo, Hong Kong, Shanghai, Jakarta, and Seoul all trading higher. The US markets closed mixed on Wednesday.
Foreign institutional investors (FIIs) continued their selling streak, offloading equities worth Rs 973 crore on September 25, while domestic institutional investors purchased Rs 1,778 crore worth of equities on the same day.
