Updated February 23rd, 2024 at 16:02 IST

Nifty touches fresh record high, end flat; financials drag

Both the Nifty 50 and BSE Sensex ended 0.021 per cent lower at 22,212.70 and 73,142.80 respectively on Friday, February 23, 2024.

Reported by: Business Desk
Nifty 50 hits fifth all-time high in 2024, amid fiscal boost | Image:Freepik
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Stock market news: Benchmark indices S&P BSE Sensex and NSE Nifty 50 ended the trading week on a flat and bearish note dragged by finance, energy and IT stocks among others. The NSE Nifty 50 opened today at a fresh record high of 22,290.00, but fell in early trade. However, the benchmark index gained 0.36 per cent during intraday trade to touch a fresh all-time high of 22,297.50. Meanwhile, the 30-share BSE Sensex opened at 73,394.44 and touched an intraday high of 73,413.93.

Both the Nifty 50 and BSE Sensex ended 0.021 per cent lower at 22,212.70 and 73,142.80 respectively on Friday, February 23, 2024.

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Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, sid “The Bank Nifty index maintained its robust momentum, breaking past the 46,500 level, which is now established as a formidable support. Any retracement towards this support zone presents an ideal opportunity to initiate long positions, targeting an upside of 48,000.”

"The immediate hurdle for the index is situated at 47,100, and a conclusive break above this level would signify a resumption of the uptrend toward the mentioned targets of 48,000," Shah added.

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Even as the benchmark Nifty 50 ended on a bearish-to-flat note on Friday, the rest of the broad market indices closed in green. Nifty Midcap Select, the top gainer, rose as much as 0.79 per cent, closely followed by Nifty Midcap 50 which gained 0.72 per cent. In the sectoral indices, Nifty Media gained as much as 1.36 per cent followed by Nifty Realty which gained 1 per cent. Nifty PSU Bank, the top loser, closed 1.15 per cent lower followed by Nifty Oil & Gas which fell 0.43 per cent.

Vinod Nair, Head of Research, Geojit Financial Services, said “The domestic market paused momentarily today after reaching another record high earlier in the day, driven by positive signals from global markets. Notably, the capital goods and industrial sectors showed strength, supported by advancements in manufacturing and services.”

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"As the earnings season winds down, the market is eagerly awaiting new catalysts however rallying on the pre-election momentum. Concerns linger over rising crude oil prices, surging US bond yields, and stretched valuations, likely prompting continued selling by FIIs," he added.

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Published February 23rd, 2024 at 16:02 IST