Indian stock market benchmark Sensex today hit a new high today on the monthly expiry day of derivative (F&O) contracts , driven by a rally in IT companies. Global markets were also higher after minutes from Fed's latest meeting suggested that the US central bank may slow the pace of interest rate hikes. The Sensex rose 900 points to a new intra-day high of 62,412, breaking previous record of 62,245, hit on October 19, 2021.
The Sensex settled 762 points higher at 62,272, also the its first close above 62,000. The broader Nifty50 index soared ended 1.2% higher at 18,484. IT stocks were in limelight today with , , HCL Tech, and jumping between 2% and 3.5%.
The broader markets however saw limited traction today with midcap and smallcap indices rising 0.5% and 0.4% respectively.
“Markets staged a strong upmove on the monthly expiry day and gained over a percent. After the gap-up start, the benchmark indices gradually inched higher and gained noticeable momentum in the last half an hour. Consequently, Sensex made a new record high and Nifty also inched closer to that milestone and closed at 18,484 levels. All sectors contributed to the move wherein IT outshined others. The broader indices also posted modest gains but the participation was restricted. Markets have reclaimed buoyancy and we expect the tone to continue. However participants shouldn’t go overboard and continue with selective buying," said Ajit Mishra, VP - Technical Research, Religare Broking Ltd.
“The banking and IT pack look firm to us while others are seeing a mixed trend. We reiterate our preference for index majors and quality midcaps and suggest focusing more on overnight risk management," he added.
Up 7% this year, the Sensex is on course for a seventh straight annual advance. Its gain is the biggest among benchmarks in countries that have stock markets valued at at least $1 trillion, according to Bloomberg.
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