Sensex and Nifty made a new all-time high, but closed in red

Indian equity indices opened in green on Friday following buying in largecap stocks. Sensex and Nifty made a new all-time high of 79,671 and 24,174 respectively.

At 10 am, Sensex was at 79,558, up 314 points or 0.40 per cent and Nifty was up 93 points or 0.39 per cent, at 24,137.

The Indian equity benchmarks closed in red on Friday following profit booking in financial and banking stocks.

At close on Friday, Sensex was down 210 points or 0.27 per cent at 79,032, while Nifty fell 33 points or 0.14 per cent to 24,010.

NTPC, Sun Pharma, Tech Mahindra, Tata Motors, Power Grid, Tata Steel, Nestle, Asian Paints, Infosys, HDFC Bank and JSW Steel are the top gainers. Whereas, UltraTech Cement, Axis Bank, IndusInd Bank, Maruti Suzuki and HCL Tech are the losers.

The Nifty Midcap 100 index is up 346 points or 0.46 per cent at 55,740 and the Nifty Smallcap 100 index is up 187 points or 1.03 per cent at 18,352.

Among sectoral indices, PSU Bank, Fin service, Pharma, Metal and Energy are major gainers. Auto and realty are top laggards.

According to the experts, “The market momentum has the potential to take the Sensex to 80,000 level. The healthy trend in the recent rally is that it is driven by fundamentally strong largecaps like RIl, Bharti and the leading private sector banks.”

“Corrections can happen any time since the market is in the overbought zone and DIIs are booking profits,” They added.

The day started with a bullish momentum. In the first hour of trading, both Sensex and Nifty touched new all-time highs of 79,671 and 24,174 respectively.

The decline was led by banking stocks with Nifty Bank falling 469 points or 0.89 per cent to 52,342.

Shares of Reliance Industries, Tata Motors, ONGC, Dr Reddy’s Laboratories, and State Bank of India contributed the most to the gains on Friday, while ICICI Bank, HDFC Bank Ltd, Axis Bank Ltd, Bharti Airtel, and Kotak Mahindra Bank weighed on the index.

Among sectoral indices, PSU bank, pharma, realty, and energy stocks were the major gainers, while auto, fin service, and private bank shares were the major losers.

According to experts, India’s optimism about the upcoming Union budget and upgrade in GDP forecasts continues to provide momentum in the market. Also, largecaps are in favour due to the comeback of FIIs.

Rupak De, Senior Technical Analyst at LKP Securities, said, “ The sentiment continues to remain strong as the index closed significantly above the critical moving average. However, after a continuous rally, the index looks a bit heavy and might attract profit booking if Nifty sustains below 24,000.”

“On the lower end, the index might fall towards 23,850/23,700 in the short term upon a decisive fall below 24,000. On the higher end, resistance is visible at 24,200,” De added.

Meanwhile Thursday was a historic day for India’s stock markets as the BSE Sensex surged past the 79,000 mark and the NSE Nifty breached 24,000 for the first time, setting new records in mid-day trading.

The Sensex soared 470.71 points to reach 79,159.89, while the Nifty rose by 164.10 points to stand at 24,032.90, Asian News International (ANI) reported.

From morning setback to midday high

The day began with a mild setback as the stock market opened flat, initially showing slight declines following a record-high close in the previous trading session.

The Sensex commenced trading 94.13 points lower at 78,580.12, while the Nifty opened at 23,849.55 after a drop of 19.25 points. The early market sentiment was tempered by weaker cues from Asian markets, influencing initial trading patterns.

Throughout the morning session, the market displayed a mixed performance among Nifty-listed companies, with 21 stocks witnessing gains and 29 experiencing declines.

Investors closely monitored sectors ranging from banking and finance to technology and healthcare, contributing to the overall market dynamics.

The surge past significant milestones by both the Sensex and Nifty reflects strong investor confidence amidst favourable domestic economic indicators and global market stability.

Analysts attribute today’s record-breaking performance to renewed optimism over corporate earnings, sustained foreign institutional investments (FIIs), and positive cues from global indices.

Market experts suggest that the ongoing bullish trend underscores India’s resilience in the face of global economic uncertainties, positioning the country as a robust investment destination. As trading progresses, market participants continue to monitor sector-specific developments and policy announcements for further insights into future market trends.