The S-P BSE Sensex and NSE Nifty 50 indexes rose for an eighth session in a row on Wednesday as benchmarks clocked new record highs during the day.
The Sensex rose as much as 431 points to hit a new record high of 43,708.47 and Nifty 50 index made a new all-time high of 12,769.75.
Infosys, HDFC, Kotak Mahindra Bank, Axis Bank, ITC, TCS and ICICIC Bank were among the top movers in the Sensex during the session.
They collectively added over 350 points towards the Sensex.The Sensex ended 316 points or 0.73 per cent higher to close at record high of 43,594 and Nifty 50 index climbed 118 points to settle at an all-time high of 12,749.Analysts have indicated that after a sharp up move in the equities, a big correction is not on the cards."The markets may not see big correction from here and in the medium to long term we see markets doing well," said Santosh Kumar Singh, head of research at Motilal Oswal Asset Management Company.Nine of 11 sector gauges compiled by the National Stock Exchange were ended higher led by Nifty Pharma index's 3.6 per cent gain.
IT, metal, financial services and FMCG shares also witnessed buying interest.On the other hand, PSU bank and media stock faced selling pressure.Mid- and small-cap shares underperformed their larger peers as Nifty Midcap 100 and Nifty Smallcap 100 indexes rose 0.4 and 0.7 per cent each respectively.Hindalco was top Nifty gainer, the stock rose 8 per cent to close at Rs 208.
Tata Steel, Dr Reddy's Labs, Axis Bank, Eicher Motors, ITC, Bajaj Finserv, Hero MotoCorp and Tata Motors also rose between 3.5-7.6 per cent.On the flipside, IndusInd Bank, Reliance Industries, Titan, Asian Paints, Britannia Industries and Hindustan Unilever were among the notable losers.The overall market breadth was marginally positive as 1,446 shares ended higher while 1,286 closed lower on the BSE.