The 50-share benchmark Nifty closed above the psychological mark of 10,000 for the first time ever on Wednesday, with overall positive trends in global markets and gains in select index heavyweights pushing equity indices to a new high.
The Nifty of the National Stock Exchange (NSE) gained 56.1 points to close at 10,020.65. Intraday, the index touched a high of 10,025.95. The 30-share Sensex gained 154.19 points to close at a new high of 32,382.46.
“There is no reason why India should not attract investment from across the world and domestically,” but in the near term, fundamentals need to catch up, said Vikram Limaye, the newly-appointed head of NSE, commenting on the milestone.
Gains in the global market also acted as a catalyst in lifting investor sentiments. While Asian indices like Nikkei and Hang Seng gained ground, most European indices were also trading in the green. The Dow Jones and Nasdaq are also trading at record levels.
The trend on the Indian bourses, meanwhile, was similar to the previous day as many mid-cap and small-cap stocks lost ground on account of profit booking at record levels. On BSE, 1,365 stocks lost ground as against 1,324 gainers.
Among Sensex constituents, Tata Steel, Sun Pharmaceutical Industries, ICICI Bank, Cipla, M&M and HUL were among the top gainers.
“The up trend will continue but traders must keep an eye on earnings reports. Interestingly, there's no sign of exhaustion yet as rotational buying in index majors is pushing the Nifty higher,” said Jayant Manglik, President, Retail Distribution, Religare Securities.