Stock Market Today 28 June 2023: Indian stock markets witnessed a remarkable day on Wednesday as the benchmark indices reached new all-time highs. On the day of June’s monthly F&O expiry, the NSE Nifty 50 surged above the 19,000 level, while the S&P BSE Sensex crossed the significant milestone of 64,000. The Nifty 50 gained 154.70 points or 0.82%, closing at 18,972.10, and the Sensex rose by 945.42 points or 1.50% to reach 63,915.42.
In terms of sectoral indices, the Nifty Bank added 200 points or 0.47%, indicating a positive performance in the banking sector. The Nifty Oil & Gas sector witnessed a gain of 0.78%, the Nifty Metal index jumped by 1.36%. But the Nifty Pharma index soared by 1.46% as the best sector of the day, pointing towards a significant rise in pharmaceutical stocks.
Among the top gainers on the Nifty 50 index were ADANIENT, ADANIPORTS, JSWSTEEL, BAJAJ-AUTO, and SUNPHARMA. These stocks experienced notable increases in their market value, contributing to the overall positive performance of the indices. However, some stocks on the Nifty 50 index experienced declines, including HDFC Life, TECHM, M&M, APOLLOHOSP, and HEROMOTOCO.
Sensex Hits New All-Time High
The BSE Sensex had a positive start, opening at 63,701.78. This boosted the confidence of traders and investors. It led to a surge in the index and reached a new peak of all time above the 64000 mark.
Despite some initial dips, the BSE Sensex continued to move upward and surpassed the significant milestone of 64,000. It reached an intraday high of 64,050.44, setting a new record.
This is an impressive accomplishment, surpassing the previous record set in December 2022., which was 63,583.07.
Nifty Hits New All-Time High
The Nifty reached a new all-time high on June 28, closing at 18,972.10. The index witnessed a substantial gain of 154.70 points or 0.82%. The continuous rise in Nifty reflects a strong buying momentum in frontline stocks. During the trading session, the Nifty touched a new lifetime high of 19,011.25. The previous lifetime high for Nifty was 18887.6 on 1 Dec 2022.
Today, Nifty made a low of 18,861.35 from the opening price of 18,908.15. The range between opening and low indicates the volatility witnessed during the day. But ultimately culminates in the index reaching its record level.
Bank Nifty Hits New All-Time High
Banking stocks index Bank Nifty soared to a new record high, reaching a life high of 44,508.40, up nearly 1% or around 400 points during the day. This index surpassed its previous peak of 44,498.60 set on May 30, 2023. The surge reflects the ongoing momentum and positive sentiment surrounding the banking sector and general market sentiment as the Nifty 50 also crossed the 19,000 mark in trade today.
Bank Nifty constituents’ performance
Nifty Bank constituents IndusInd Bank, IDFC First Bank, HDFC Bank, SBI, AXIS Bank, and ICICI Bank were leading the gains, with IndusInd Bank soaring over 1.5%. While the index touched a new all-time high today, Bandhan Bank, Punjab National Bank, Federal Bank, and AU Bank dragged the index, with Bandhan Bank lower by 1.9%.
Conclusion
The Indian stock market has achieved important milestones. The Sensex, Nifty, and Bank Nifty have reached their highest levels ever, which is very exciting for investors. However, it’s important to remember that a strong market depends on the success of all its parts.
While the main indices are doing well, there are still some stocks that have not reached their 52-week highs also. It’s necessary for these stocks to also join the rally for the market to truly succeed as a whole. When all parts of the market do well, we can celebrate broad-based success.
