Market At Close: Sensex Surges Above 66,900, Nifty Briefly Reclaims 20,100 Mark; Midcap Index Hits Record High

The Sensex and Nifty 50 showcased remarkable strength, closing over 1% higher, fuelled by robust performances from HDFC Bank and Axis Bank. Investors witnessed a continued upward trajectory, building on Tuesday's gains, with the Nifty briefly reclaiming the 20,100 mark intraday.

The frontline indices, Sensex and Nifty, witnessed substantial gains during the session. The Sensex surged by 728 points, closing at 66,902, while the Nifty gained 207 points, closing at 20,097.

The Nifty Bank index continued its winning streak, marking the fourth consecutive session of gains. Axis Bank and HDFC Bank emerged as the top contributors, driving the banking sector's upward momentum. The Nifty Bank gained an impressive 685 points, closing at 44,566, reaffirming investor confidence in the financial domain.

On an intraday basis, key sectors like Nifty Auto, Realty, and Energy hit unprecedented highs. Notably, the Nifty Auto index experienced the most significant surge. This robust sectoral performance contributed to the overall positive sentiment in the market.

The Nifty Midcap Index continued its impressive rally, closing at a record high and notching its 19th consecutive session in the green. The Midcap Index gained 341 points, closing at 42,619, reflecting sustained investor interest in mid-sized companies.

Several stocks made headlines with noteworthy movements. Aster DM Healthcare saw a surge of over 18% following the company's decision to sell its Gulf business. On the other hand, Raymond faced declines for the 11th consecutive day, experiencing a dip of more than 2%.

Gold finance companies, Manappuram and Muthoot, rose by up to 7%, driven by India's gold prices reaching an all-time high. Tata Motors, too, hit a record high, with its share price crossing the Rs 700 per share for the first time.

Zomato experienced a nearly 3% rise after a substantial block deal involving 29.7 crore shares. Meanwhile, BHEL witnessed an uptick of nearly 6%, reaching an eight-year high, following the signing of a significant contract with the Defence Ministry.

Newly listed IREDA staged a healthy performance, closing more than 87% higher. This marks one of the most successful listings in 2023.

BPCL saw an uptick of over 1% after the board approved an interim dividend of Rs 21 per share. BSE companies collectively crossed the $4 trillion market cap mark for the first time ever. In today's trade alone, BSE companies gained a market cap of nearly Rs 2.5 lakh crore.

The market breadth favoured advances, with an advance-decline ratio at 1:1. The overall positive momentum suggests that investors are optimistic about the economic recovery and the growth potential of various sectors.