The benchmark indices on Wednesday rose more than half a per cent to finish at new record highs, supported by gains in banking stocks.
The S&P BSE Sensex closed above 74,000 for the first time. The 30-share index rose 409 points, or 0.6 per cent, to close at 74,086. The National Stock Exchange Nifty closed at a fresh record high of 22,474, up 118 points, or 0.53 per cent.
However, the broader market saw intense selling pressure, with the Nifty Smallcap 100 dropping nearly 2 per cent, its worst single-day fall since February 12 when the index had crashed 4 per cent.
The overall market breadth was also weak, with 904 stocks advancing and 2,954 declining on the BSE. The Nifty Smallcap 100 is down nearly 4 per cent this week.
Market players said the selloff in the broader markets was due to concerns over expensive valuations. Also, the decline in shares of non-banking financial companies amid fears of a wider crackdown by the Reserve Bank of India weighed on sentiment. Kotak Mahindra Bank and Axis Bank rose more than 2.2 per cent each the most among Sensex components.
This story is from the March 07, 2024 edition of Business Standard.
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This story is from the March 07, 2024 edition of Business Standard.
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