BSE Sensex hits 56,000 points for first time in history

HDFC Bank  Ultratech Cement, Titan, and Power Grid were the top gainers while Infosys, Tata Steel, IndusInd Bank, and ICICI Bank, India VIX traded with losses.

Stock market indices BSE Sensex and Nifty 50 hit a record high on Wednesday. Sensex touched an all-time high of 56000 points while Nifty 50 hit a new record of 16,700.

According to Financial Express, HDFC Bank  Ultratech Cement, Titan, and Power Grid were the top gainers while Infosys, Tata Steel, IndusInd Bank, and ICICI Bank, India VIX traded with losses.

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“The outperformance of large-caps, aided by the robust performance of IT majors, is likely to continue as the froth in the broader market is slowly getting removed. This is a healthy sign. An important trigger for the market today would be the good news for HDFC Bank. RBI’s decision to partially remove restrictions on credit card issuances by HDFC Bank would help this bluechip regain some of its lost shine. This would be favourable to Bank Nifty too which has been underperforming this year.” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said. 

“It is important to understand that partly the good news is already in the price since HDFC Bank is up by 6% this month, perhaps in anticipation of the positive development. Meanwhile, retail investors continue to buy aggressively in the market unmindful of the excessive valuations, particularly in the broader market. It’s time to move over to the safety of large-caps from the over-valued mid-and small-caps,” he further added.

Earlier this month Nifty 50 touch the 16k mark for the first time. In March 2020, Nifty slipped below 8000 points.