Sensex Today: Benchmark indices staged a smart rally on Wednesday led by shares of Reliance Industries, IT, and select private banks. The S&P BSE Sensex rallied 728 points, or 1.1 per cent, to end at 66,902 levels.
The Nifty50, meanwhile, closed above the 20,000-mark for the first time after more than two months at 20,097, up 207 points or 1 per cent.
In the broader markets, the BSE MidCap and SmallCap indices added 0.78 per cent and 0.4 per cent, respectively.
Among sectors, the Nifty bank, Auto, Financial Services, IT, PSU bank, and Private Bank indices ended higher in the range of 1 per cent to 1.5 per cent.
Santosh Meena, Head of Research, Swastika Investmart Ltd., said: “The Nifty’s recent crossing of the psychological level of 20,000 and the BSE market cap’s ascent to the $4 trillion mark signal the start of a fresh momentum. Domestic liquidity has provided support, but the lack of foreign inflows due to high US bond yields has been a hindrance.”
“Fortunately, interest rates in the US have peaked, and the dollar index is declining, which is expected to attract foreign institutional investor (FII) inflows into the Indian equity market. Despite strong fundamentals, volatility is expected leading up to the state election results. However, any weakness caused by this could present a compelling buying opportunity,” he added.
“The market appears primed for a pre-election rally, and we can anticipate the Nifty soon surpassing 21,000. 19,500 will now serve as a support level,” he said.
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