Stock market today: BSE Sensex rallies over 600 points, sees record closing high of above 78,600; Nifty50 ends above 23,800

Stock market today: BSE Sensex and Nifty50, the Indian equity benchmark indices, continued to scale new highs in trade on Wednesday and saw record closing highs. While BSE Sensex closed above 78,600, Nifty ended the day above 23,800. BSE Sensex closed at 78,674.25, up 621 points or 0.79%. Nifty50 ended the trading day at 23,868.80, up 148 points or 0.62%.
The stock market rally was driven by sustained buying in heavyweight stocks such as Reliance Industries (RIL), UltraTech Cement, ICICI Bank, and Kotak Mahindra Bank. The top Sensex gainers were RIL, Bharti Airtel, UltraTech Cement, ICICI Bank, Bajaj Finance, NTPC, Axis Bank. The top Sensex losers were M&M, Tata Steel, JSW Steel, Tech Mahindra.
Technical analysts anticipate Nifty's key support level at 23,591, with resistance at the 24,000 mark. "Nifty has indicated a series of strong positive candles formation on the daily chart to breach above the resistance zone of 23650 levels and with a breakout confirmed has strengthened the bias and sentiment to anticipate for further rise in the coming sessions. With the RSI on the rise and getting better, the Index has near-term target of 23800 levels and thereafter, can scale 24500 zone with strength sustaining," Prabhudas Lilladher told ET.
Fundamental analysts suggest that largecap private banks present value buying opportunities.
In global markets, the Nasdaq rallied 1.3% on Tuesday, supported by strength in Nvidia and other tech megacaps, while the Dow slipped as retailers weighed and investors awaited crucial inflation data due later this week. Japan's Nikkei share average climbed over 1% to a more-than-two-month peak on Wednesday, while Hong Kong's Hang Seng was trading 0.23% higher. The Shanghai market, however, was trading with a negative bias.
The rupee appreciated 4 paise against the US dollar on Tuesday, tracking a firm trend in domestic equities amid stable global crude oil prices. However, a strengthening American currency in the overseas market weighed on the local unit and restricted the up move. Oil prices fell after an industry group reported a surprise jump in US stockpiles, fueling concerns about weaker-than-expected demand in the top oil consuming nation. Brent crude oil futures were trading near the $85 a barrel mark.