On Wednesday, the benchmark Nifty 50 index closed 0.62% higher at 23,868.80. Nifty made a fresh all-time high of 23,889.90

Reliance Industries spearheaded the gains, witnessing a substantial rise of 4.12%, closing at ₹3,028.05, up from ₹2,908.30. The stock also hit its all-time high of ₹3,037.95. The surge in its stock price took its market cap over ₹20 lakh crore again. The company crossed the ₹20 lakh crore market cap back in February 2024. Mukesh Ambani-owned company is the most valuable company in India, ahead of TCS and HDFC Bank.

Top Gainers

Stock	Current Price	Last Close	% Change
Reliance Industries	₹3,028.05	₹2,908.3	4.12%
Bharti Airtel	₹1,459.5	₹1,414.95	3.15%
UltraTech Cement	₹11,143.1	₹10,846.2	2.74%
ICICI Bank	₹1,218.0	₹1,197.95	1.67%
Grasim Industries	₹2,552.25	₹2,516.95	1.40%

Bharti Airtel followed closely with a 3.15% increase, finishing at ₹1459.5. UltraTech Cement also showed strong performance, gaining 2.74% to close at ₹11,143.1. The banking and industrial sectors saw positive movements as well, with ICICI Bank and Grasim Industries rounding out the top five gainers. ICICI Bank gained after Jefferies maintained its positive stance on the private lender, stating it had the highest deposit growth among large banks.

Conversely, Apollo Hospitals topped the list of decliners, with its stock price falling by 2.52% to ₹6,136.8, down from ₹6,295.35.

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Top Losers

Stock	Current Price	Last Close	% Change
Apollo Hospitals	₹6136.8	₹6295.35	-2.52%
Mahindra & Mahindra	₹2851.5	₹2909.4	-1.99%
Bajaj Auto	₹9474.65	₹9659.95	-1.92%
Tata Steel	₹172.56	₹175.68	-1.78%
Hindalco Industries	₹674.7	₹685.5	-1.58%

The automotive and metal sectors saw declines, with Mahindra & Mahindra, Bajaj Auto, Tata Steel, and Hindalco Industries also experiencing downward shifts in their stock prices.

Talking about Wednesday’s performance, Vinod Nair, head of research, Geojit Financial Services said, “The domestic market hit a new peak, bolstered by a rally in large-cap stocks, where the valuation is relatively fair.

In contrast, mid- and small-cap stocks saw profit-taking due to valuation concerns. Currently, the financials & consumption stocks are catching-up driven by improved balance sheets, a strong GDP growth forecast, and softening inflation. Global market sentiments reflected similar trends, with a consensus on imminent rate cuts.”

Ajit Mishra SVP, research, Religare Broking said: “Markets edged higher as expected, gaining over half a percent. After a flat start, the Nifty gradually climbed throughout the session and closed near the day’s high at 23,868.80 level. Sectoral trends were mixed, with energy, FMCG, and banking contributing to gains, while metal, auto, and realty sectors faced pressure. The broader indices remained range-bound and closed nearly unchanged.

Selective heavyweights have been driving the index gains, with Reliance making a significant impact today. We anticipate some volatility on Thursday due to the scheduled monthly expiry of June derivatives contracts. Despite this, we reiterate our recommendation to continue with a "buy on dips" strategy, focusing on specific sectors and themes for stock selection.”

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