Stock market update: Sensex crosses 80,000 for the first time, Nifty at lifetime high
Stock market update: The Indian stock market opened at record highs on Wednesday on the back of of HDFC Bank, which surged on expectations of an increase in its weightage in a key global index. The NSE Nifty 50 was in green by 0.7% at 24,291.75 points, while the BSE Sensex was positive by 0.72% to 80,013.77 points as of 9:15 a.m.
This is the first time that the 30-stock Sensex has surpassed 80,000.
HDFC Bank rose 3.5% at the start, leading the Nifty 50 higher. This comes as foreign institutional investors' stake in HDFC Bank fell below 55% in the June quarter, according to recently released data. This raised the prospect of an increase in weightage in global index provider Morgan Stanley's MSCI indexes.
Analysts believe that inflows into HDFC Bank, which is the most heavily weighted stock in the Nifty and Sensex, could boost the benchmarks even further.
All 13 major sectors showed gains. The increase in HDFC Bank-powered banks, financials, and private banks is 1.3%-1.5% higher.
- PTC NEWS
