Bulls' last-hour zest drives Nifty and Sensex to new milestones

Bulls are showing no signs of backing down as they staged a strong comeback in the final hour of trading on Wednesday, despite a weak start. This resurgence has driven both the Nifty 50 and the Sensex to hit new milestones, marking their fifth consecutive session of gains.

The Nifty surged by 0.35 percent, reaching a fresh record high of 26,032 points in trade before closing with a gain of 0.25 percent at 26,004 points. This marks the first time the index has closed above the 26,000 level.

Likewise, the Sensex reached a new all-time high of 85,247 points, rising by 0.34%. It closed the session above the 85,000 level for the first time, settling at 85,169 points, which represents a 0.30% increase from the previous closing price.

Last-hour rally

The significant rally in the last hour of trading was driven by Power Grid Corporation, Axis Bank, NTPC, Grasim Industries, and Bajaj Finserv, all of which posted gains ranging from 1 percent to 4 percent. Overall, 30 of the 50 constituents of the Nifty 50 finished in positive territory.

Notably, five stocks—Power Grid Corporation, NTPC, Bajaj Finserv, M&M, and Hindalco Industries—reached new one-year highs today.

While largecap stocks maintained their upward momentum for the fifth consecutive trading session, midcap and smallcap stocks struggled to sustain the rally. The Nifty Midcap 100 ended the session down 0.71 percent at 60,465 points, and the Nifty Smallcap 100 also closed lower at 19,357 points, down 0.63 percent compared to the previous closing price.

Commenting on today's market performance, Vinod Nair of Geojit Financial Services said, "After a range-bound trade, the benchmark indices inched higher towards close, led by power and banking stocks, while mid- and small-cap indices experienced corrections driven by valuation concerns."

"The domestic market may face short-term challenges owing to a decline in FIIs inflow and shift of funds to other emerging markets due to their cheap valuation. Meanwhile, gold, as a safe-haven asset, gained further appeal amid escalating tensions in the Middle East and the prospect of lower interest rates," he added. 

Easy Trip Planners shares plummet

Shares of Easy Trip Planners, one of India’s largest online tech travel platforms, tumbled 16.25 percent in intraday trading today, falling below ₹35 to reach ₹34.22 apiece on reports of a block deal. 

Reports suggest that its promoter, Nishant Pitti, is likely to sell an 8.5 percent stake in Ease My Trip Planners Ltd. The sale's indicative price is set at ₹41.5 per share, said CNBC TV18. Mr Pitti owned 28.13% of Easy Trip Planners as of the end of the first quarter.

According to the latest shareholding data, the company's promoters held a 64.3 percent stake at the end of the June quarter, with Nishant Pitti being the largest promoter, holding 28.13 percent of the stake. Foreign Institutional Investors (FIIs) and Domestic Institutional Investors (DIIs) each owned 2.6 percent, while the general public accounted for the remaining 30.5 percent of the company's ownership.

Media stocks excel

Media stocks were standout performers today, with Saregama India soaring by 16.2 percent. Zee Entertainment followed closely, gaining 5.7 percent. Tips Industries and Dish TV India both recorded gains exceeding 2%.

Zee Media Corporation's stock surged by 12.6 percent following the announcement of an upcoming board meeting to discuss potential fundraising options, as reported in an exchange filing.

(By arrangement with livemint.com)