Mumbai: Indian stock markets ended near record highs on Wednesday, driven by strong buying across sectors.
The benchmark Sensex jumped 1,022.5 points, or 1.21 per cent, to close at 85,609.51. The Nifty also surged 320.5 points, or 1.24 per cent, to settle at 26,205.3.
The Nifty delivered a strong and confident close today, settling above the key 26,200 level for the first time.
“The index formed a full bullish Marubozu candle, showing strength from the opening bell to the closing tick without any major selling pressure,” market watchers said.
This clearly confirms the continuation of the uptrend with a higher-high structure throughout the session, they added.
“If the index sustains above 26,000 as a strong support, it is well-positioned to challenge its all-time highs in the 26,277–26,350 zone in the coming sessions,” analysts mentioned.
Major stocks such as Bajaj Finance, Bajaj Finserv, Sun Pharma and Tata Motors PV were among the biggest gainers on the Sensex.
Bharti Airtel and Asian Paints were the only two stocks that ended in the red.
All sectoral indices closed higher, reflecting strong overall market sentiment. Nifty Metal led the rally with a gain of 2.06 per cent, followed by Nifty Consumer Durables, which rose 1.75 per cent, and Nifty Energy, which gained 1.74 per cent.
The broader market also saw healthy participation. The Nifty Midcap 100 index gained 1.27 per cent, while the Nifty Smallcap 100 index rose 1.36 per cent.
Domestic equities experienced significant gains, driven by the festive “Santa Claus rally” in global markets, according to analysts.
This uptrend was fuelled by robust retail and domestic institutional investor (DII) inflows, while foreign institutional investor (FII) flows remained modest.
“Furthermore, increasing optimism surrounding a potential truce between Russia and Ukraine is enhancing risk appetite, fostering a positive outlook for the upcoming year,” analysts stated.
(IANS)
