Market at record closing highs: Sensex jumps 499 pts, Nifty tops 18,950; Adani stocks gain up to 6%; JBM Auto up 13%

Bulls continued to dominate Dalal Street as benchmark indices scaled new highs on Wednesday. All-round buying across all sectors pushed the headline indices higher for a second straight session. BSE's barometer Sensex tested 64,000, while NSE's Nifty50 topped the psychological levels of 19,000 during the day.

For the day, the 30-share pack BSE Sensex gained 499.39 points, or 0.79 per cent, to settle at a record closing high of 63,915.42, while NSE's Nifty50 surged 154.70 points, or 0.82 per cent, to settle at a fresh closing peak of 18,972.10. BSE midcap index gained about a per cent, while smallcap index added marginally higher. Fear gauge India VIX gained more than a per cent to 10.89-level.

It turned out to be an excellent session for bulls as Nifty touched a new milestone of 19,000. The tone was positive from the beginning which further strengthened as the day progressed. Most of the sectors contributed to the move wherein pharma, energy and auto were among the top gainers, said Ajit Mishra, SVP - Technical Research, Religare Broking.

"The move shows that bulls are in control however lack of decisiveness in the banking pack at the higher level is capping the momentum. We maintain our positive view and suggest aligning positions accordingly. At the same time, traders shouldn’t go overboard and stay focused on risk management citing the possibility of intermediate volatility," he said.

Among the Adani Group stocks, Adani Transmission rallied about 6 per cent, while Adani Enterprises and Adani Ports surged more than 5 per cent each. Adani Total Gas and Adani Wilmar added 2 per cent each, while Adani Power, Ambuja Cements and ACC settled in green. However, Adani Green Energy and New Delhi Television settled in red.

On a sectoral front, only the Nifty media index settled in red, falling about a per cent but all other sectors ended the day with gains. Nifty metal, pharma and healthcare indices gained more than a per cent each. Nifty auto and oil & gas index gained about a per cent each.

Barring the Adani Group stocks, JSW Steel surged more than 3 per cent, leading the gainers in the Nifty50 pack. Bajaj Auto, Sun Pharam and Tata Motors gained over 2 per cent, each. Titan Company, Dr Reddy's Labs, IndusInd Bank and Bharat Petroleum Corporation gained about 2 per cent, each.

On the downside, HDFC Life Insurance Company and Tech Mahindra were among the key losers, dropping over a per cent each. Mahindra & Mahindra, Apollo Hospital Enterprises and Hero Motocorp were among the key laggards on the index.

The global market exhibited a negative bias as concerns regarding economic growth emerged in light of the political instability in Russia, said Vinod Nair, Head of Research at Geojit Financial Services.

"This instability led to an increase in oil prices, driven by worries over potential supply disruptions, given Russia's status as one of the largest oil producers. On the domestic front, the market experienced limited downside as the pharma and auto sectors provided support," he added.

A total of 3,628 shares were traded on BSE on Wednesday, of which 1,790 settled with gains. 1,709 stocks ended the session lower while 129 shares remained unchanged. A total of 15 shares hit their upper circuit, whereas 5 shares tested the lower circuit levels for the day.

In the broader markets, JBM Auto surged 13 per cent, while Karnataka Bank and Kitex Garments gained more than 9 per cent each. EPL rose 8 per cent and Indo-Count Industries rallied 7 per cent for the day. Hemisphere Properties surged 6 per cent for the day.

Among the losers, Steel Exchange India dropped 6 per cent, while Coffee Day Enterprises settled 5 per cent down. RattanIndia Power, Hindustan Construction Company and Narayana Hrudayalaya declined 4 per cent each. IOL Chemicals and Pharma, Rain Industries and Policy Bazaar declined over 3 per cent each.

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