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While the Sensex closed at 63,523, up by 195 points or 0.31%, the broader Nifty50 settled at 18,857, higher by 40 points or 0.21%​

Indian rupee strengthened against the US dollar on Wednesday to close at 82.0375 amid continuous inflows into the domestic share market, while some other Asian currencies slipped due to the local economic situation. The Indian currency has traded within a range of 81.80-82.30 since last week. As per forex analysts, unless that range breaks there is no clear direction for the rupee. Meanwhile, foreign investors have poured $1.8bn into Indian equities this month, following the positive macroeconomic data of robust domestic growth and easing inflation.

Gold extended losses on Wednesday, with spot gold prices in the Delhi markets trading at Rs 59,750/10 grams, down Rs 360 per 10 grams, Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.In the international markets, gold and silver were trading lower at USD 1,936 per ounce and USD 23.09 per ounce, respectively

​So, ETFs are not buying, jewellery demand is low but then too gold prices are not going down. The reason for that is the central banks; some or the other central banks are turning up and buying gold. Historically, we have seen central banks were not holding gold but right now the options for them are very limited to diversify their foreign exchange reserve.

The Indian stock market closed at a record high on Wednesday, with the S&P BSE Sensex hitting a fresh intraday high of 63,588. While some profit booking was seen in certain sectors, including metal, FMCG, realty, and auto stocks, buying was observed in utilities, power, telecom, and oil & gas stocks. Notably, three stocks, Aether Industries, Poonawalla Fincorp, and Shriram Finance, either saw a volume or price breakout and were in focus.

“When we say that we are in a bull market and if we probably resumed that phase now from the lows of March, then what we are really seeing is a very broad-based advance in the market where every sector ends up participating. One cannot say that when FMCG goes down, auto goes up. But from a long-term perspective, sectors like FMCG will at least underperform.”

Asset allocation in terms of diversification does not necessarily mean that you need to be diversified when you are investing in equities. By diversification what we mean is that you need to have a very good portfolio in terms of investing in equities, bonds, mutual funds, index funds and even gold.

JM Financial has buy calls on four life insurance stocks. Its target prices suggest 13-49% upside in these 4 companies.

From the Sensex pack, Power Grid, HDFC, and HDFC Bank were the top gainers, rising 1.5-4%. Tech Mahindra, TCS, Wipro, Reliance, and Bharti Airtel also closed with gains. Whereas, M&M, ITC, IndusInd Bank, Axis Bank, Maruti and Bajaj Finance closed in the red.

Mazagon Dock Shipbuilders has become the first ship building firm to exceed a market capitalisation of INR 25,000 crore ($3.3bn), with INR26,461.73 crore, making it one of 212 BSE companies to have achieved such a threshold. The security hit a 52-week high of INR1,337.70, with 42 lakh shares traded on BSE and NSE. With a 441% return on investment over the past 12 months, the company has been trading with relatively high volatility over the past month due to a beta of 2.09, according to data from Trendlyne.