Indian equity markets set yet another record on Wednesday, with Nifty closing above the important level of 10,000 for the first time. Another stock market benchmark Sensex settled at a record high of 32,382. Yes Bank, which reported better-than-estimated earnings, surged 5.81 per cent to be the top gainer in the Nifty. The private sector lender also announced a stock split in the ratio of 1:5, which means each share of Yes Bank, having face value of Rs. 10 will be split into five shares of Rs. 2 face value.
The NSE benchmark Nifty closed 56.1 points or 0.56 per cent higher at 10,020.65. The BSE Sensex rose 154.19 points or 0.47 per cent to 32,382.46. During the day, the index touched an all-time high of 32,413.63.
“The market is on a secular uptrend. Among other factors, corporate results so far have been fairly decent with upbeat performances,” said Nitasha Shankar, senior vice president and head of research at Yes Securities.
“Overall, things are improving and we expect the market to continue on this journey upward, though there will be some days of profit-booking”
Among other Nifty gainers, shares of Vedanta rose as much as 3.3 per cent to their highest since September 25, 2014, before settling with 2.44 per cent gains. The miner on Tuesday reported doubling of June quarter profit, helped by better margins from zinc operations. Tata Steel, IndusInd Bank, Sun Pharma rose between 2.3-2.5 per cent to be among the top five gainers in the Nifty.
Reliance industries, added nearly 1.3 per cent to close at Rs. 1,622, after hitting a fresh 52-week high of Rs. 1,629.90 during intraday trade.
Meanwhile, Axis Bank was the top loser in Nifty, down 2.95 per cent. Analysts say concerns over the banks’ unrecognised stress in power and others sectors still linger. Axis Bank posted a 16 per cent fall in quarterly profit on Tuesday, but said overall bad loans were stable.
Asian Paints, ACC, Ambuja Cement, Bank of Baroda were the other top losers in the Nifty.