Banking, finance stocks lift market to new highs

Mumbai : The bull run in the Indian stock market continued on Wednesday morning with both the BSE Sensex and the Nifty50 on the National Stock Exchange climbing 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.

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 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.