India’s benchmark stock indexes, the Nifty 50 and Sensex, surged to new record highs on Wednesday, driven by the rise in some of Adani group stocks and strong performance of heavyweight financial stocks.
At 9:21 am, the Nifty index reached an all-time high of 18,908.15, marking a significant 0.48% increase. It had faced resistance last week due to cautious remarks from the central bank.
Simultaneously, the S&P BSE Sensex also climbed 0.47% to reach a fresh all-time high of 63,716.
The Sensex had previously achieved a record high last week, while the midcap index and smallcap index remained close to their respective record and 52-week highs.
All 13 major sectoral indexes logged gains, with HDFC and HDFC Bank extending gains after announcing plans to complete their proposed merger on July 1.
Adani group flagship Adani Enterprises was the top gainer on the Nifty, rising as much as 4.6%.
In Asian markets, Tokyo quoted in the green while Seoul, Shanghai and Hong Kong were trading lower. The US markets ended significantly higher on Tuesday.
Foreign institutional investors (FIIs) bought equities worth Rs 2,024.05 crore on Tuesday, according to exchange data.