Mumbai: Led by strong gains in almost all sectors, Sensex and Nifty, the Indian stock indices, yet again touched their all-time highs on Wednesday and the market closed at a fresh record high with the Sensex ending 499.39 points, or 0.79% higher at 63,915.42, while the Nifty settling up by 154.70 points, or 0.82% at 18,972.10.
The day saw the Sensex hitting a record high of 64,050.44, and the Nifty touching a high of 19,011.25 level for the first time. The record jump came even as Indian stock indices were buoyant over the past several sessions. The rise in domestic stocks is in tune with the global market rally and firm domestic macro fundamentals.
Strong fundamentals including a firm GDP outlook, moderate inflation and strong purchases by foreign investors saw the markets trading in the green. The inflation in the US and India is moderating, but what is to be seen going ahead is whether this trend is sustainable.
"U.S. stocks ended higher Tuesday, led by mega tech stocks, with data suggesting the economy remains resilient despite higher interest rates as investors approach the end of the second quarter and the first half of the year," said Deepak Jasani, Head of Retail Research, HDFC securities.
According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, the high market valuation, however, continues to be a concern for domestic markets in the near term. "Investors can book some profits at record highs," Vijayakumar suggested. It is to be noted that Indian stock markets were to remain closed today on account of Bakri Eid (Id-Ul-Zuha), but has been rescheduled for Thursday. The National Stock Exchange and Bombay Stock Exchange put out circulars in line with the Maharashtra government's notification released on Monday regarding the change in the Eid holiday. Indian stock markets will remain closed next on August 15 for Independence Day celebrations. (Agency inputs)
