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Indian Stock Markets Reach Record Highs as Sensex and Nifty 50 Soar on Banking Gain

On June 25, Indian stock market benchmarks Sensex and Nifty 50 reached new record highs despite weak global cues and underperformance in the mid-and small-cap segments. The Sensex hit 78,164.71, and the Nifty 50 peaked at 23,754.15 during the session. Major banking stocks like Axis Bank, ICICI Bank, and HDFC Bank were the top gainers, while Power Grid, Tata Steel, and Asian Paints were among the top losers.

The positive performance of the Indian indices contrasted with declines in European markets and major US indices, which were affected by a significant drop in Nvidia shares.

Despite these global market weaknesses, the Sensex closed 712 points higher at 78,053.52, and the Nifty 50 ended 183 points higher at 23,721.30, both achieving fresh closing highs. However, the mid-and small-cap segments did not share this positive trend, closing slightly lower.

The rally in the benchmark indices was driven primarily by substantial gains in banking stocks, with the Nifty Bank index reaching a new high of 52,746.50.

Indian Stock Markets Reach Record Highs as Sensex and Nifty 50 Soar on Banking Gain

Indian Stock Markets Reach Record Highs as Sensex and Nifty 50 Soar on Banking Gain

This surge was attributed to the attractive valuations of private and PSU banks. Analysts noted that banking stocks, having missed recent uptrends, saw increased activity ahead of the monthly expiry. Positive factors like prospects of a healthy monsoon, a strong macro outlook, and expectations of policy stability following the new government also supported market sentiment.

Technical analysis suggested a continuation of the uptrend, with key support and resistance levels identified for the Nifty and Bank Nifty indices. The Bank Nifty index showed strong upward momentum, breaking significant resistance levels and presenting buying opportunities on intraday dips. Analysts highlighted that as long as the indices remain above certain trend decider levels, positive sentiment is likely to continue.

Looking ahead, experts are optimistic about the Indian stock market’s medium-term prospects due to the country’s robust macroeconomic outlook. The upcoming Union Budget and potential rate cuts by the central bank are seen as significant positive triggers.

However, high valuations across all equity segments could temper future returns. There is also a notable valuation divergence between BFSI and non-BFSI sectors, suggesting a cautious approach to market multiples in the coming year.

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