Sensex opens at record peak, maintains gains

Mumbai, Aug 30: Indian equity indices opened at a fresh record high on Friday and were trading higher, buoyed by positive signals from Asian markets. As of 9:37 a.m., the Sensex was up by 221 points or 0.27%, reaching 82,355, while the Nifty had risen by 66 points or 0.26%, standing at 25,217. The market trend remains upbeat, with 1,276 shares advancing and 888 declining on the National Stock Exchange (NSE).

Most indices are performing well, with notable gains in PSU Bank, financial services, FMCG, pharma, energy, and private banking sectors.

Among the Sensex constituents, top gainers include Bajaj Finance, Bajaj Finserv, HDFC Bank, NTPC, Power Grid, L&T, Titan, M&M, Asian Paints, and Reliance. Conversely, Tata Motors, Tech Mahindra, Wipro, TCS, Sun Pharma, and HCL Tech are experiencing losses.

The bullish sentiment extends to midcaps and smallcaps as well. The Nifty Midcap 100 index is at 59,139, up 255 points or 0.45%, while the Nifty Smallcap 100 index stands at 19,292, up 79 points or 0.41%.

Market experts suggest that the current positive trend is likely to persist in the near term. A potential breakout could occur if there is significant buying in banking stocks. However, ongoing issues with deposit growth and concerns over margins have dampened demand for banking stocks, despite their attractive valuations. Currently, largecaps are outperforming the broader market, which is viewed as a healthy trend.