Nifty50, Sensex hit fresh all-time highs: What's driving the rally
Nifty50 and Sensex soared to fresh all-time highs on Wednesday, primarily driven by Media, FMCG, and information technology stocks. The Nifty 50 surged by 0.65% to reach 21,593.00 points, while the Sensex climbed 0.66% to touch 71,913.07 in the initial trading session. The market's current gains are being attributed to positive global cues.
Top gainers and losers
In the Nifty50 index, the leading gainers were Tech Mahindra (0.83%), LTIMindtree (1.65%), Wipro (1.15%), Tata Consultancy Services (1.02%), and Infosys (1.15%). Among the major losers were Mahindra and Mahindra (-0.41%), Maruti Suzuki (-0.19%), Bharti Airtel (-0.05%), Titan Company (-0.02%), and Sun Pharmaceutical Industries (-0.18%).
Media, FMCG, and IT lead Nifty sectoral indices
Among sectoral indices, Nifty Media led with gains of 1.75%. Nifty IT surged by 1.32%, Nifty FMCG showed an increase of 1.20%, and Nifty Energy rose by 0.90%. Nifty Bank too saw an uptick of 0.35%. All sectoral indices were in positive territory in early trade. Nifty Smallcap 100 climbed by 0.70%, while Nifty Midcap 100 also recorded a gain of 0.60%.
Why is the market rising today?
There's a positive sentiment among investors after China followed Japan in keeping interest rates unchanged. The market climb is also backed by solid domestic economic data, declining oil prices, steady mutual fund investments, high FIIs inflow, and a better US rate outlook. FIIs are upbeat on Indian stocks as bond yields are declining in the US.
