Stock Market Closing: Sensex Crosses 63,000, Nifty Above 18,750

The Sensex and Nifty both reached psychologically significant values of 63,000 and 18,700, however, continuing their winning run to a seventh session. After trading sideways all day, waiting for global cues, the market gained pace in the closing hour.

Stock Market Closing

In intraday trade, the Sensex reached a new all-time high on 63,303.01, while the Nifty reached a record high of 18,816.05. Both indexes fell marginally but closed at new closing highs. 

The Sensex finished at 63,100, up 417 points. Meanwhile, the Nifty gained 140 points and finished at 18,758.

In today's session, the FMCG & auto indices surged beyond a percent apiece, with practically all sectoral indexes closing in the green. PSU Bank was the only index to end in the red today, losing 1%.

Among the top Nifty gainers were M&M, Hindalco Industries, Grasim Industries, Bajaj Auto, and UltraTech Cement.

IndusInd Bank, SBI, HCL Technologies, ITC, and Sun Pharma were among the losers.

"Indian equities markets are applauding at all-time highs, ignoring global market turmoil."

The broader market is also attempting to regain pace, as the Nifty midcap and smallcap indexes remain significantly below their all-time highs," said Santosh Meena.

The gains were widespread, with the BSE Midcap index rising 1.06 percent and the Smallcap index rising 0.61 percent.

There were 2,058 advances and 1,438 declines among the 3,602 equities traded on the BSE. 106 scrips did not change.

"The main risk is that the market is overbought, which might lead to a downturn or consolidation at higher levels, but there are no significant signals of weakness." 

The Nifty has immediate goals of 18888 and 19000, while 18700 and 18500 will function as significant support levels on the downside.

Asian equities had a mixed day, with investors looking for policy hints from US Federal Reserve Chair Jerome Powell's speech, however chances of China lifting its Covid restrictions became stronger, bringing some celebrations.

Foreign investors are exhibiting growing interest in India as Asia's third-largest economy ramps up industrial capacity and develops infrastructure, according to Santanu Sengupta, a senior economist at the World Bank.

Goldman Sachs' Chief India Economist, Bloomberg reported earlier today.

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