Sensex and Nifty hit all-time highs in today's trading. While Sensex crossed 80,000 level, Nifty50 reached 24,307 level mark
Benchmark indices, Sensex and Nifty50, achieved record highs in Wednesday's trading session. Sensex crossed the 80,000 mark for the first time, while Nifty50 reached a new peak of 24,307. As of 10:00 AM, BSE Sensex was trading at 79,937, up by 495 points or 0.62 per cent, while Nifty50 stood at 24,283, up by 159 points or 0.66 per cent.
Commenting on the recent market momentum, Nilesh Shah, MD Kotak Mahindra AMC said the recent Sensex "milestones are a journey and not a destination." He cautioned that this journey includes both upward and downward movements, referencing the Nasdaq's historical downturn that took 17 years to recover from its previous peak.
Individuals should invest in the market as per their risk appetite and have a long-term horizon, he added.
However, some industry heavyweights witnessed a decline in their share price as the weightage of HDFC Bank in Nifty increased.
On Wednesday, the banking firm's shares scaled a new 52-week-high.
"The focus of market activity today will be HDFC Bank which will continue its upward move factoring in the news of potentially increasing the weightage of the stock in the MSCI Index. The delivery based buying in the stock witnessed in the last many days has the potential to continue for a few more days pushing the stock further up and imparting resilience to it," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
As the weightage of HDFC Bank in Nifty increases there will be more delivery based buying by ETFs and also active funds. There can be a marginal negative impact on other high weightage stocks in the Nifty like RIL, TCS, Infosys and ICICI Bank, he further added.
(This is a developing story)