📷 Image Credits: Mint
The Indian stock market’s bullish momentum showed no signs of slowing down as the Bank Nifty index hit a new record high on Wednesday. The surge came in tandem with strong performances from the Sensex and Nifty 50, marking the fourth consecutive session of gains. This robust rally has been fueled by a combination of positive market sentiment, strong earnings reports, and favourable macroeconomic conditions.
The benchmark BSE Sensex climbed 280 points, reaching an all-time high of 77,581.46. Meanwhile, the Nifty 50 gained 73 points, hitting its lifetime high of 23,630.85. These record-breaking performances reflected the resilience and strength of the Indian equity markets, buoyed by investor optimism and consistent inflows of foreign investments.
The star performer of the day was undoubtedly the Bank Nifty index, which outperformed its benchmark counterparts by a significant margin. The index soared over 1%, adding more than 770 points to touch a fresh record high of 51,215.50, surpassing its previous peak of 51,133.20 set earlier this month.
Leading the charge were banking heavyweights such as IndusInd Bank, Kotak Mahindra Bank, ICICI Bank, Axis Bank, and HDFC Bank. These stocks rallied between 1% and 2%, contributing significantly to the index’s impressive gains. The positive performance was not limited to these major players; all banking stocks within the Bank Nifty index were trading in the green, reflecting widespread investor confidence in the sector.
Market analysts are optimistic about the future trajectory of the Bank Nifty index. The decisive breach above the 51,000 mark is seen as a strong indicator of further gains. Analysts have set their sights on higher targets of 52,400 and 53,500 in the coming days, with key support levels identified near the 49,600 zone. This bullish outlook is grounded in the index’s steady recovery and sustained momentum.
