Stock market news: The Indian equity benchmarks, S&P BSE Sensex and NSE Nifty 50, rebounded from lower levels in late morning deals and touched new record highs, led by gains in Titan, Larsen & Toubro, Bajaj Finance, ICICI Bank and Tata Motors. The Sensex rose as much as 318 points from the day's lowest level to hit record high of 73,419.41 and Nifty 50 index rebounded 92 points from the day's lowest point to hit a new record high of 22,121.35.

As of 10:57 am, the Sensex was up 49 points at 73,377 and the Nifty 50 index advanced 14 points to 22,111.

“2024 is shaping up to be a positive year for Dalal Street, with expectations of Nifty reaching a fresh record high supported by favourable economic and geopolitical factors. Bank Nifty is also anticipated to join the upward trend, targeting its all-time high at 48,636,” said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Tapse also pointed out that the positive catalysts include FIIs being net buyers, and the optimism about renewed Fed rate cuts which eases fears of stubborn US inflation, and a growing likelihood of a 25-basis-points interest rate cut in March. 

“From a technical standpoint, Nifty is expected to have aggressive upside targets at 22,500, while Bank Nifty is likely to outperform with targets at 48,636. The Nifty options data indicates a trading range of 21,300-21,700,” he added.