M&M, NTPC, Power Grid: Over 250 shares jump to 1-year peaks as Sensex, Nifty 50 hit record highs

Stock market today: As many as 267 stocks, including Mahindra and Mahindra (M&M), NTPC, Power Grid, Bajaj Finserv, Hindalco, Trent and TVS Motor Company, hit their fresh one-year highs in intraday trade on BSE on Wednesday, September 25, even as benchmark indices, the Sensex and the Nifty 50 scaled their fresh peaks amid mixed global cues.

Bosch, CG Power and Industrial Solutions, Ipca Labs, Tata Communications, United Breweries, Blue Star, Ceat, Craftsman Automation, Eclerx Services, Lloyds Metals and Energy and Metropolis Healthcare were also among the stocks that rose to their 52-week highs.

Indian stock market today

The stock market benchmark, the Sensex, rose to a new high of 85,247.42, while the Nifty 50 also scaled a fresh peak of 26,032.80 during the session. Thanks to fag-end buying, the Sensex closed at 85,169.87 with a gain of 256 points, or 0.30 per cent. The Nifty 50 ended the day at 26,004.15, up 64 points, or 0.25 per cent.

Shares of Axis Bank, HDFC Bank, Power Grid and ICICI Bank contributed the most to the gains in the Sensex index. On the flip side, shares of Tata Motors, Kotak Mahindra Bank, Tech Mahindra and SBI ended as the top drags on the index.

However, the market did not see broad-based gains, as the mid- and small-cap segments ended with losses. The BSE Midcap and Smallcap indices closed the day lower by 0.53 per cent and 0.35 per cent, respectively.

The overall market capitalisation of the firms listed on the BSE dropped to nearly ₹475 lakh crore from nearly ₹476 lakh crore in the previous session.

Experts observe that investors are booking profit at higher levels due to valuation concerns even as the medium to long-term outlook of the market remains positive due to the durability of India's economic growth and inflow of retail money.

"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," said Vinod Nair, the head of research at Geojit Financial Services.

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