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Reliance Industries and private banks led Indian benchmarks to new closing highs for the second straight session on Wednesday as investors sought better values and safety in under-heated pockets.
The NSE Nifty 50 rose 0.62% to 23,868.80, while the S&P BSE Sensex rose 0.8% to 78,674.25.
The Nifty has set records in eight of 11 sessions.
Policy consistency, projections for higher economic development, and foreign inflows have helped it gain 6% in June, on track for its best month this year.
Reliance the second-heaviest Nifty stock, surged 4.1% to an all-time high. It rose 2% this fiscal year, losing ground to the Nifty’s 7%.
most-cap corporations like Reliance, most public sector banks, and most private banks have good earnings. Fident Asset Management founder and chief investment officer Aishvarya Dadheech said institutional money is pursuing these categories.
The No.2 private lender by market value, ICICI Bank, surged for the sixth straight day. It rose 1.7%, supporting private banks 0.6%.
Analysts say investors are switching sectors for value comfort and safety before the union budget and earnings season next month.
In contrast, metals stocks fell 1.45% on weaker global pricing and a strong dollar.
Vedanta fell 2.63% as its parent announced a 2.6% share sale to institutional investors.
Small-caps increased 0.25%, while mid-caps down 0.22%.
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