The Indian stock market witnessed a surge today, with the Nifty hitting a record high and gaining 0.7%. The Sensex also neared a record high, climbing 450 points, led by heavyweights such as HDFC Bank, Reliance, and ICICI Bank.
In the broader market, indices surged, with the Nifty Midcap leading the way. This positive momentum was reflected in various sectors, with the Nifty Bank jumping 1%, driven by gains in Bank of Baroda, HDFC Bank, PNB, ICICI Bank, and SBI.
However, not all stocks saw gains today. Heritage Foods shares slipped 5% due to profit booking, marking the third consecutive day of decline for the company.
On the corporate front, BL Kashyap and Sons secured two significant orders from DLF City and Sattva Homes, totaling approximately ₹1,021 crores. This boosted the company’s order book to ₹3,545 crore.
In the banking sector, Yes Bank and IDFC First Bank announced plans to revive corporate lending after a four-year hiatus. Both banks aim for strong corporate loan growth in the coming quarters, emphasizing that this move is not a shift in strategy.
Meanwhile, in the global market, oil prices ticked higher on Wednesday on positive global demand outlooks. Brent crude futures rose to $82.04 a barrel, while U.S. West Texas Intermediate crude futures settled at $78.10.
Overall, the market outlook remains positive, with the Indian economy projected to see 6.7% growth between 2024 and 2026, according to the World Bank. Investors are also awaiting the Federal Reserve’s policy decision and US inflation data, which could impact market sentiment in the coming days.
