Sensex hits new life high, Nifty nears record peak ahead of Powell’s testimony

Investing.com -- Indian market indices jumped to record highs on Wednesday despite making a flat opening and tracking mixed cues from Asian peers ahead of Fed Chair Jerome Powell’s two-day testimony on the economic outlook and recent monetary policy actions scheduled for later in the day.

The 30-scrip benchmark index Sensex hit a lifetime high of 63,588.31 points on Wednesday, rising 0.41% during the intraday trade, compared to its previous peak of 63,583, scaled in December 2022.

Headline index Nifty 50 hit an intraday high of 18,875.9 on June 21, 2023, only a few points away from touching its all-time high of 18887.6 points scaled six months back.

The market fear barometer India VIX rose 2.5% to 11.4 levels in the ongoing session.

In a note provided to Investing.com, S Ranganathan, Head of Research at LKP Securities stated that Sensex hit a new high on Wednesday on the back of a sustained increase in capital expenditure by the Government of India, coupled with rising manufacturing PMI.

Gains across market heavyweights including the HDFC twins, PowerGrid Corporation (NS:PGRD), ONGC (NS:ONGC), HDFC Life (NS:HDFL), and Larsen&Toubro (NS:LART) aided sentiments on Dalal Street, while metal majors JSW Steel (NS:JSTL) and Hindalco (NS:HALC) were the top losers on the Nifty pack.

Sectoral indices listed under the Nifty umbrella traded mixed, with Nifty Metal leading the losses and tanking over 1%, while banking and financial packs extended support to the overall market.

Nifty Bank advanced 0.11% at 01:35 ET (05:35 GMT).