Nifty 50 opens at record high, Sensex above 73,000
The Nifty 50 index rose as much as 0.23% to a new all-time high of 22,248.85, before trimming gains to 0.12% at 22,223.50.
Stock market news: Benchmark indices BSE Sensex and NSE Nifty 50 logged meagre gains on Wednesday, helped by a rise in public sector banks and jump in Hindalco Industries after its US unit filed for its market debut on Wall Street, while a sustained drop in information technology stocks kept a lid on gains.
The Nifty 50 index rose as much as 0.23 per cent to a new all-time high of 22,248.85, before trimming gains to 0.15 per cent at 22,229.50. The S&P BSE Sensex gained 0.17 per cent to 73,179.45, as of 9:45 am.
This is the third straight session in which the benchmark Nifty has hit new record high levels.
“Dalal Street continues to set new records, with Nifty reaching an all-time high of 22,216 and Sensex surpassing 73,000. Fear of missing out reigns as traders seek bargains while Bank Nifty's rise boosts sentiments. Positive catalysts include hopes of a Federal Reserve soft landing in 2024 and anticipation of a strong electoral mandate for BJP in the 2024 Lok Sabha polls. Wall Street trades negatively, but Nifty bulls remain resilient with technical support at 21,809,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.
“Nifty's options data suggests a trading range of 21,800-22,500, with key resistance at 22,600 and support at 22,000. Preferred trades include buying Nifty and Bank Nifty with aggressive targets. Bullish on Deepak Nitrite, SRF, Voltas, and Torrent Pharma especially on intraday weakness,” Tapse added.
Published By : Sankunni K
Published On: 21 February 2024 at 09:53 IST