Market Opening: Sensex, Nifty open at record high for third day

Market Opening: Indian Market Indices opened on a strong note again on Wednesday with Nifty around 20,950.

The Sensex was up 308.99 points or 0.45% at 69,605.13, and the Nifty was up 94.20 points or 0.45% at 20,949.30. About 1720 shares advanced, 505 shares declined, and 126 shares unchanged.

As per Bloomberg, the stock market valuation has also crossed $4 trillion mark for the first time

"Technically, the short-term texture of the market is still on the long side. A breakout continuation formation on weekly charts and uptrend continuation formation on intraday charts indicating further uptrend from the current levels. We believe that, as long as the index is trading above 20700/69000 the positive sentiment is likely to continue. Above 20700, the index could rally till 20950-21000 for Nifty 50, 69600-69800 for Sensex," said Shrikant Chouhan, head equity research, Kotak Securities.

Also Read: Sensex crosses 69k as markets surge continues; Adani pack, power grid lead gains while HUL among losers

Both indices have surged more than 5% each in the last six sessions, pushing them into overbought territories. This market surge is fuelled by improved U.S. interest rate expectations, a decline in crude prices, robust domestic economic indicators, increased foreign investments, and optimism post-state election outcomes.

The top gainers on Nifty include Adani Ports, Adani Enterprises, Asian Paints, Britannia Industries and HDFC Life while Bajaj Auto, Eicher Motors, Hindalco, SBI Life Insurance and Maruti Suzuki opened in the red.