India Stocks: India's Nifty 50, Sensex hit record highs, Adani stocks lead gains

Housing Development Finance

28/06/2023 05:15

(Updated at 9:21 a.m. IST)
    By Bharath Rajeswaran
       BENGALURU, June 28 (Reuters) - 
    India's blue-chip Nifty 50 and Sensex stock indexes hit
all-time highs on Wednesday, lifted by gains in some Adani group
stocks and advances in heavyweight financial stocks.
    The Nifty  .NSEI  index rose as much as 0.48% to a record
high of 18,908.15 as of 9:21 a.m. IST, after struggling to
breach the level last week amid hawkish central bank commentary.
        The S&P BSE Sensex  .BSESN  rose 0.47% to a fresh
all-time high of 63,716.
  
        The Sensex had already hit a record high last week,
while the midcap index  .NIFMDCP100  and smallcap index
 .NIFSMCP100  hovered around fresh record and 52-week
highs, respectively.
        All 13 major sectoral indexes logged gains, with HDFC
 HDFC.NS  and HDFC Bank  HDBK.NS  extending gains after
announcing plans to complete their proposed merger on July 1.
        Adani group flagship Adani Enterprises  ADEL.NS  was the
top gainer on the Nifty, rising as much as 4.6%. 
        Analysts said that the ongoing rally is more broad-based
than the rise in benchmarks when they previously hit a record
high on December 1, 2022.
  
        "Percentage of stocks above 200-DMA (day moving average)
reached above 75% in the current rally, which was higher than
the reading of 68% in Dec. 2022, when all-time of 18,887 was
registered," said Devarsh Vakil, deputy head - retail research
at HDFC Securities. 
  
        "This suggests strong breadth in the current rally,
which started from April 2023."
  

 (Reporting by Bharath Rajeswaran in Bengaluru; Editing by Sonia
Cheema)
 ((bharath.rajeswaran@thomsonreuters.com; +91 9769003463;))