The bull run in the Indian stock market continued on Wednesday morning with the BSE Sensex nearing the 58,000-mark, while the Nifty50 on the National Stock Exchange climbing further new highs.
The surge came on the back of healthy buying in banking and finance stocks. However, selling pressure in metal and IT stocks capped the gains. Sensex has touched an all-time high of 57,918.71 points, while Nifty has hit a record high of 17,225.75 points.
Around 10.05 a.m., Sensex was trading at 57,886.74, higher by 334.35 points or 0.58 per cent from its previous close of 57,552.39. It opened at 57,763.53 and has touched an intra-day low of 57,277.88.
The Nifty50 on the National Stock Exchange was trading at 17,217.30, higher by 85.10 points or 0.5 per cent from its previous close.
The top gainers on the Sensex were Asian Paints, Axis Bank and IndusInd Bank, while the major losers were Tata Steel, Mahindra & Mahindra and Maruti Suzuki India.
Robust GDP growth expectations boost markets
A robust GDP data for the April-June quarter boosted the investor sentiments, analyst said. Low base, along with pent-up demand as well as easier Covid restrictions, lifted India's first quarter FY22 GDP growth rate to 20.1 per cent.
The accelerated output of India's eight major industries in July on a year-on-year basis has given another trigger to markets to rise today. The Index of Eight Core Industries (ICI) readings for the last month showed an expansion of 9.4 per cent from a decline of 7.6 per cent in output during the same month of the previous year.
On a sequential basis, the core industrial growth during June stood at 9.3 per cent. The ICI index comprises 40.27 per cent of the weight of items included in the Index of Industrial Production (IIP). These industries comprise coal, crude oil, natural gas, refinery products, fertilisers, steel, cement and electricity.