Sensex makes landmark achievement, Nifty hits all-time high
Shares surged to new highs at the start of trading on Wednesday, driven by HDFC Bank, India’s leading private lender, which reached a record level amid expectations of a potential increase in its weighting in a significant global index.
This is the first time that the 30-stock Sensex has crossed the 80,000 mark.
The NSE Nifty 50 climbed 0.7% to 24,291.75 points, while the S&P BSE Sensex rose by 0.72% to 80,013.77 points as of 9:15 a.m. IST.
HDFC Bank rose 3.5% at the open, leading Nifty 50 gains.
“After the solid bull run in markets, now HDFC Bank is set to give another boost,” said Abhilash Pagaria, head of Nuvama Alternative and Quantitative Research.
Foreign institutional investors’ shareholding in HDFC Bank in the June quarter dropped below 55%, data released post-market hours on Tuesday showed, raising the possibility of a likely increase in weightage in global index provider Morgan Stanley‘s MSCI indexes.
“A weight increase could bring in $3.2 billion-$4 billion inflows over six days,” Nuvama’s Pagaria said.
Inflows into HDFC Bank could further boost the benchmarks as it is the heaviest-weighted stock in the Nifty and Sensex, according to analysts.
All 13 major sectors logged gains. The rise in HDFC Bank powered banks, financials, and private banks by 1.3%-1.5% higher.
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alert. the stock markets are just wealth transferees rather than wealth creaters. Be cautious.
Time to retract & do introspection….gamblers are on roads…..keep your money safe…..for they will steal through your back door.
Getting rich with a drop of sweat ? Foolish Indians, talk Vedanta, practice zero.