Indian market indices made a higher opening on Wednesday following a strong rebound on Wall Street in the overnight session on the back of upbeat economic data and continued to rise in morning trade.
The benchmark index Nifty 50 recorded a new all-time high on Wednesday and surpassed the 18,900 mark at 18,908.15 points, while the 30-scrip Sensex also hit a new peak of 63,716 points in the session.
At 00:49 ET (04:49 GMT), headliner Nifty gained 0.4% to 18,891.1 levels and Sensex added 226.1 points or 0.36%. The market fear barometer India VIX rose 2.5% to 11.05 levels in the session.
Barring Nifty Media, all sectoral indices listed under the Nifty umbrella traded in the green on Wednesday, led by a sharp 1.3% uptick in Nifty Metal, while Nifty Bank advanced 0.2%.
In a note provided to Investing.com, Dr. V.K. Vijayakumar, chief investment strategist at Geojit Financial Services, points out that the high market valuation continues to be a concern for the near-term, and advises that investors could book some profits at record highs.
Metal stocks led the rally on the Nifty pack, with the heavyweight Adani Enterprises’ (NS:ADEL) stock jumping 5%, while JSW Steel (NS:JSTL) and Adani Ports (NS:APSE) gained 2% in the morning trade. On the flip side, banking and financial stocks exerted pressure on Dalal Street, as HDFC Life (NS:HDFL), Kotak Mahindra (NS:KTKM), Axis Bank (NS:AXBK), and ICICI Bank (NS:ICBK) shed the most on the benchmarks.
