After historic highs hit in the previous session, markets continue their winning run and have logged fresh all time high in trade on Wednesday. At the time of writing this copy, Nifty was up 0.65% or 104 points at 16,235. Broader markets however were weak in trade, down over 1% on the Nifty Midcap 100, again after logging fresh highs on the midcap index.
Among the Nifty sectoral indices, strength was seen only in the Nifty financial services and Nifty private bank index apart from Nifty Bank which were all up between 1.95-2.39% at the time of writing this copy. While there was a sea of red across all other sectors including Realty, FMCG, metal etc.
Banking and financial stocks have emerged as stars in today's trade with HDFC twins and ICICI Bank contributing over 138 points to the Nifty index. Individually from the financial services pack, strength is seen in stocks like HDFC, ICICI Prudential Life, Kotak Bank and M&M Financial Services which are all up between 3-4%.
Also, while the Nifty PSU Bank is down by close to 1%, State Bank of India which is due to release its quarterly numbers today has hit a fresh high of Rs. 449.80.
Furthermore, for the Bank Nifty, technicals suggest that it has formed a sizeable candle on Tuesday but that is still trading below the gap area of July 19 and is also stuck in a range of 1200-1300 points from last several weeks. Thereby, a decisive breakout of this range might fuel fresh momentum.