Sensex closes above 75K mark for first time, Nifty hits record high; where is the market headed?

Benchmark indices ended higher on Wednesday with Sensex ending above 75,000 mark for the first time ever. Nifty too touched a record high of 22,775 during the session. Later, Sensex ended 354 points higher at 75,038 and Nifty rose 111 pts to 22,753.

Top gainers on Sensex were ITC, Kotak Bank, Bharti Airtel, SBI, Asian Paints and Tech Mahindra rising up to 2.49%. Maruti , HDFC Bank, L&T, M&M and Tata Steel were the top Sensex losers, falling up to 1.60%.

Ajit Mishra, SVP - Technical Research, Religare Broking said, "The rotational buying across sectors combined with stability at the global front is helping the index to inch higher with every passing day. We are eyeing the 22,850-23,100 zone in Nifty ahead and expect the 22,350-22,500 zone would act as a strong support in case of any profit taking. The beginning of the earnings season would trigger stock-specific volatility ahead so participants should plan their positions accordingly."

On Sensex, 21 stocks closed in the green. Market cap of BSE-listed firms rose to Rs 4.02 lakh crore. Market breadth was positive with 1959 stocks rising against 1867 shares ending lower on BSE. 107 shares were unchanged.

Vinod Nair, Head of Research, Geojit Financial Services said, "Indian markets sustained their upward momentum, buoyed by a robust performance in the broader market, albeit slightly lagging behind its Asian and European counterparts. Investor attention remains fixated on the impending release of the FOMC minutes and US inflation data later today. Following the release of strong US job data, market sentiments are inclined towards an anticipation of spike inflation, thereby reducing the likelihood of a near-term rate cut. Additionally, Fitch's recent downgrade of China's credit rating could potentially reverberate through the global economy, warranting a caution."

Previous session

Indian equity indices ended lower on Tuesday. Nifty 50 dropped 24.55 points to settle at 22,641.75, while Sensex lost over 77 points to end at 74,665.32.