Stock market news: Benchmark indices NSE Nifty 50 and S&P BSE Sensex hit fresh record highs at the open on Thursday, February 7, 2024, tracking a rally in Asian peers after US Federal Reserve Chair Jerome Powell assured likely rate cuts this year and ruled out near-term risks of economic recession.

The blue-chip NSE Nifty 50 rose 0.034 per cent to 22,481.70 as of 9:30 am, while the BSE Sensex gained 0.037 per cent to 74,113.17.

Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd said, “The Nifty is expected to oscillate within the 22,000-23,000 range, with significant option activity suggesting resistance at 23,000 and support at 21,700. Jerome Powell's recent testimony indicated a potential peak in policy rates, boosting Wall Street and shifting focus to upcoming US nonfarm payroll data.”

“Additionally, significant developments include the government's share sale in NLC India, a major contract for Jupiter Wagons by the Ministry of Railways, and an increased contract value for HAL's LCA project. Preferred trades highlight buying opportunities in Nifty and Bank Nifty, with specific bullishness on Bank of Baroda, SRF, Coal India, and Hero Motocorp emphasising momentum play for Bank of Baroda with targeted gains,” Tapse added.