Sensex and Nifty trade higher, banking stocks in top gear

Mumbai: India equity indices opened in the green on Wednesday following which top private banks like IndusInd Bank, ICICI Bank and Axis Bank have become top gainers in Sensex.

In early trade, Sensex and Nifty rose to a new all-time high of 77,581 and 23,630 respectively.

At 9:40 a.m., the Bombay Stock Exchange (BSE) benchmark was up 152 points or 0.20 per cent, at 77,453 and Nifty was up 10 points or 0.04 per cent, at 23,568.

Broder market underperforms compared to large-cap stocks. Nifty midcap 100 index is down 479 points or 0.87 per cent, at 55,009 and Nifty smallcap 100 index is down 155 points or 0.85 per cent, at 18,080.

Among the sectoral indices, Fin service, pharma, banks, and service sector are major gainers. Auto, IT, FMCG, metal, and realty are major laggards.

Deven Mehata, Research Analyst, Choice Broking said, “After a gap up, Nifty can find support at 23,500 followed by 23,450 and 23,400. On the higher side, 23,650 can be an immediate resistance, followed by 23,700 and 23,800.”

The Foreign institutional investors (FIIs) extended their buying as they purchased equities worth Rs 2569 crore on June 18, while domestic institutional investors also bought equities worth Rs 1555 crore on the same day.

The markets of Tokyo, Hong Kong, Seoul and Jakarta are trading in the green. However, the markets of Bangkok and Shanghai are trading in the red. American markets closed sharply on Tuesday. Crude oil benchmark Brent crude is at $85 per barrel and WTI at $80 per barrel.


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