India's Nifty 50, Sensex hit record highs, Adani stocks lead gains

BENGALURU, June 28 (Reuters) - Indias blue-chip Nifty 50 and Sensex stock indexes hit all-time highs on Wednesday, lifted by gains in some Adani group stocks and advances in heavyweight financial stocks.

The Nifty (.NSEI) index rose as much as 0.48% to a record high of 18,908.15 as of 9:21 a.m. IST, after struggling to breach the level last week amid hawkish central bank commentary.

The S&P BSE Sensex (.BSESN) rose 0.47% to a fresh all-time high of 63,716.

The Sensex had already hit a record high last week, while the midcap index (.NIFMDCP100) and smallcap index (.NIFSMCP100) hovered around fresh record and 52-week highs, respectively.

All 13 major sectoral indexes logged gains, with HDFC (HDFC.NS) and HDFC Bank (HDBK.NS) extending gains after announcing plans to complete their proposed merger on July 1.

Adani group flagship Adani Enterprises (ADEL.NS) was the top gainer on the Nifty, rising as much as 4.6%.

Analysts said that the ongoing rally is more broad-based than the rise in benchmarks when they previously hit a record high on December 1, 2022.

“Percentage of stocks above 200-DMA (day moving average) reached above 75% in the current rally, which was higher than the reading of 68% in Dec. 2022, when all-time of 18,887 was registered,” said Devarsh Vakil, deputy head - retail research at HDFC Securities.

“This suggests strong breadth in the current rally, which started from April 2023.”