Market today | These 60 stocks hit record highs despite over 1% fall in benchmarks

Market today | These 60 stocks hit record highs despite over 1% fall in benchmarks

The equity market was deep in the red in the afternoon session on April 22 after a sharp rally in the last two sessions. However, a total of 60 stocks hit fresh record highs during the trade. Weak global cues after the Federal Reserve chair Jerome Powell hinted at a 50 basis points (bps) rate hike in May weighed on investor sentiment.

All sectoral indices traded in the negative territory with the banks, financial services, metal, and pharma being the prominent losers.

The BSE Sensex fell 748 points or 1.3 percent to 57,164, while the Nifty50 plunged 236 points to 17,156 after climbing 2.5 percent in the last two sessions.

"Yesterday's comment by the Fed chief that a 50 bps rate hike is possible in May and control of inflation has become absolutely essential' has pushed the 10-year bond yield above 2.9 percent and consequently impacted equity markets," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

But this impact, too, is likely to be temporary since the market has already discounted this known hawkishness of the Fed, Vijayakumar added.

The broader market, meanwhile, showed some outperformance compared to benchmarks. For instance, the BSE Midcap index declined half a percent while