Indian equity closed on a record-high note on Thursday. The NSE Nifty 50 hit a new all-time high of 24,087.45, surpassing the psychological level of 24,000. The index later closed 183 points or 0.78% higher, than its previous close, at 24,045. Interestingly, Nifty took 23 sessions to reach the mark of 24,000 from 23,000.
Similarly, the BSE Sensex touched a new record high of 79,396 and is just 760 points away from touching the psychological level of 80,000. Sensex closed 569 points or 0.72% higher at 79,243. UltraTech Cement, LTIMindtree, Grasim Industries, NTPC, and Wipro were the major gainers in the Nifty 50 on Thursday.
Sectoral Index
Nifty Midcap 100 jumped 178 points or 0.32% closing the day’s trading at 55,424. In the broader markets, midcap stocks closed higher, but smallcap stocks were down in the red. Bucking the bull trend, Bank Nifty fell 59 points or 0.11% lower at 52,811.
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Sectoral draggers
The sectoral indices Nifty IT and Oil & Gas led the markets to new highs.
Expert’s take
“The benchmark indices exhibited bullish momentum, buoyed by an expected revival in the IT sector and consolidation in the cement industry. However, the broader market remained sideways due to valuation concerns and FII selling owing to rising US bond yields. Meanwhile, the US market put up a mixed performance, with investor sentiment remaining cautious ahead of key US data releases for the week, including the PCE price index, which could provide new impetus for rate cuts,” said Vinod Nair, Head of Research, Geojit Financial Services.
“We have witnessed a short covering move being the last trading session of the monthly expiry. The index is up by 6.72% on a monthly scale and has seen a build of a long position with the surge in rollover activities, which indicates a bullish stance could continue in the next series as well. We have seen a decline in volatility with the surge in the Put Call Ratio which indicates that overall bullish bias could continue in the market. Now till Nifty holds above 23750 zones, this momentum could continue to take the index towards 24250 and 24500 zones while on the downside supports are shifting higher at 23750 and 23500 zones,” said Chandan Taparia, Senior Vice President of Equity Derivatives & Technicals, Broking & Distribution at Motilal Oswal Financial Services.
Bank Nifty
“Bank Nifty rollovers appear higher compared to the past three-month average; however, the recent rally has been quite aggressive. The option chain for the monthly expiry shows strong activity at the 53,000 straddle. Sustaining above 53,200 could lead the index to 53,800/54,000 levels, whereas a breach below 52,500 might test the 51,500 level again. This presents a make-or-break scenario for the index. The silver lining is that heavyweight stocks like HDFC Bank, ICICI Bank, Kotak Bank, and Axis Bank still show potential for upward movement, which could cause significant swings towards the higher range for the index,” said Shilpa Rout, Assistant Vice President of Derivatives Research at Prabhudas Lilladher.