STOCK MARKET TODAY: NIFTY 50 CROSSES 23,900 FOR THE FIRST TIME, SENSEX HITS 79K BRIEFLY
Stock market today: The domestic benchmark indices, Sensex and Nifty 50, on Thursday's session touched fresh record high levels for the third consecutive session in a row led by some of the key heavyweights.
Benchmark indices set fresh record highs in today's session, with the Nifty 50 surpassing the 23,900 mark for the first time to hit a fresh record high of 23,974 points, nearing the 24,000 level. Meanwhile, the Sensex crossed the 79,000 mark for the first time, hitting a new lifetime high of 79,013 points.
Among individual stocks, five constituents of the Nifty 50 —UltraTech Cement, Grasim Industries, Reliance Industries, ICICI Bank, and Axis Bank—touched new 52-week highs in today's trade. Cement stocks are currently dominating, with UltraTech Cement trading up 4.3% and Grasim Industries rallying 2.6%.
Overall, 19 constituents of the Nifty 50 index are trading in the green, with gains ranging between 0.1% and 4.3%.
“Key heavyweights continue to push the benchmark index higher to achieve new targets. We remain positive on the market and advise traders to maintain a positive bias and use any dips as a buying opportunity,” said Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One.
The Sensex and the Nifty 50 started off Thursday's trading at record high levels with little gains on the day of the monthly derivatives' expiry, but eventually saw losses as a result of profit-booking in the early trade.
According to Rahul Ghose, CEO of Hedged.in, the sell zone in Nifty 50 is trading in the range of 23,975 to 24,030, any breakout from this resistance levels, Nifty 50 spot has potential to test 24,250 on the upside which would be the intermediate top for the short term. At this juncture, It is important to note here that the FII long position has reached the overbought zone and is at a six year high, hence all long positions should be unwound as the risk to reward on the upside is very low and doesn't warrant going long.
Also Read: Why are India Cements shares skyrocketing today? — explained
After breaking beyond the 53,000 barrier for the first time, the Nifty Bank index set a new record high of 53,180 points. The index has increased by 2.60% over the last four trading sessions, mostly due to impressive results from private sector banks including IndusInd Bank, HDFC Bank, ICICI Bank, Axis Bank, and Kotak Mahindra Bank.
On the broader market front, the Nifty Midcap 100 was up 0.45%, while Nifty Smallcap 100 was trading 0.17% higher.
On June 26, the Nifty 50 and Sensex resumed their record run for a second session in a row. Nifty 50 reached 23,850 for the first time ever, driven by banks and heavyweights. The Nifty 50 was up 147.50 points, or 0.62%, at 23,868.80 at closing, while the Sensex was up 620.73 points, or 0.80%, at 78,674.25.
Also Read: Kotak Bank added, Axis dropped; ICICI, SBI, Federal Bank top Nomura's picks
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2024-06-27T06:43:55Z dg43tfdfdgfd