Sensex hits all-time high, Nifty registers record close

By Koustav DasIt was a good day for the bulls on Dalal Street as benchmark index S&P BSE Sensex hit an all-time high during intraday trade and the NSE Nifty 50 registered a record closing.

Sensex hit an all-time high of 63,588.31 in early trade but gave up gains towards the end of the session. Meanwhile, the Nifty 50 registered a record closing at 18,856.85, but could not hit an all-time high.

Analysts attributed the record gains to sustained foreign inflows into domestic stock markets, backed by strong macroeconomic factors that have paved India’s path to becoming the fastest-growing economy this year.

It may be noted that the 30-share Sensex has gained over 4 per cent this year and is the first among Asian equities to hit a fresh record high.

Most of the sectoral indices gained, powered by heavyweights Nifty Banking, Nifty Financial Services and Nifty IT. Nifty FMCG, Nifty Realty and Nifty Metal were the sectoral indices that ended in negative territory.

The top five gainers on the Nifty 50 were Power Grid Corporation, ONGC, Adani Ports, HDFC Bank and HDFC. On the other hand, JSW Steel, Hindalco, Divi’s Laboratories, M&M and ITC were the biggest losers.

Decoding the technical aspect, Om Mehra, research analyst, Choice, said, “The Indian market has remained in a narrow range this week at a defined range of 220 points. The contest between bulls and bears is really intense. As heavyweights are merely participating, the index remains in static mode.”

“Technically, Nifty has formed a bullish candle in the daily chart and formed a small Doji. As it closed beneath 18,900 levels, the index will attempt to take off its previous resistance this week. OI Data indicates, on the call side, the highest OI is witnessed at 19,000 strike price, while on the put side, the highest OI remains at 18,800 followed by 18,700 strike price,” he added.

“The market has historically rallied in the second half of the year. If second-half growth resumes as anticipated, the bullish narrative utilised to support equity prices would be proven true. If not, a lot of investors might be in for a jolt.”

V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today said, “Today, our oldest index has hit a new all-time high, while both indices closed on a positive note with lower price rejection.”

“The Midcap 100 hit a fresh all-time high. Overall, it was clearly visible in the market is trying to take support and is not willing to close at weaker levels, trying to hit fresh highs. Therefore, today’s closing levels is very important levels for upcoming movement in the market,” she said.

“If prices are sustained above these levels in coming days, there are impossibilities that the Nifty and Sensex may continue this upside movement ahead too.”