Sensex, Nifty are at all-time highs, PSB and FMCG companies are rising

 Sensex, Nifty are at all-time highs, PSB and FMCG companies are rising

The NSE Nifty reached a record high of 21,505 while the S&P BSE Sensex reached an all-time high of 71,623.

On December 19, the S&P BSE Smallcap index reaches a record high.

Benchmark indexes recovered from early losses to reach fresh highs in afternoon trade on December 19, signaling the start of the market rebound. Nifty 21,505 and the Sensex both hit all-time highs of 71,623.

Analysts anticipate that the market will fluctuate between gains and losses in the absence of any significant events.

"No significant catalysts are anticipated in the next days. To get the highest returns, people are shifting their money around, according to independent market expert Ambrish Baliga.

Broader markets, meanwhile, saw uneven activity. The BSE Midcap index fell 0.1% to 36,253 at 2.40 pm, while the Smallcap index reached an all-time high of 42,544.

According to analysts, the market recovered as investors made targeted investments in industries that had missed the last surge, such as FMCG, PSU banks, and oil and gas.

Technical analyst at Angel One Rajesh Bhosale said that PSU banks such as State Bank of India, Bank of Baroda, and Canara Bank are still exhibiting positive sentiment. He recommended placing these PSU names in the "buy" category.

The government's surprise tax drop on exports of locally produced fuel and crude oil boosted shares of oil marketing businesses.