Discover the shocking truth behind the Nifty 50’s unprecedented rally at the stock market today! Find out why investors are buzzing as the index hits record highs for the fifth consecutive day. Get all the details on what’s driving this historic surge and how you can capitalize on the market frenzy!
Stock Market Today-Fifth Straight Day of Gains
The Nifty 50 continued its upward momentum for the fifth consecutive trading day, reaching a new all-time high of 22,297 points in today’s session. Although the index opened higher, it closed flat at 22,212 as profit booking took place.
Despite the flat closing, the sentiment remains positive in the short term as the index managed to close above the crucial resistance level of 22,200. Analysts suggest that as long as the Nifty maintains levels above 21,900, it may still be considered a buy-on-dips opportunity. Rupak De, Senior Technical Analyst at LKP Securities, emphasized this perspective.
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New Highs and Sector Performance
In today’s session, ten out of the fifty constituents of the index hit new record highs. These included notable companies like Mahindra & Mahindra, Sun Pharmaceutical Industries, ICICI Bank, and others. Sector-wise, Nifty Media showed the highest gain of 1.36%, followed by Nifty Realty, Nifty Consumer Durable, and others with gains ranging from 0.18% to 1%.
Vinod Nair, Head of Research at Geojit Financial Services, commented on today’s market performance, noting a momentary pause after reaching a new high earlier in the day. He highlighted the strength in capital goods and industrial sectors, supported by advancements in manufacturing and services. However, concerns remain over rising crude oil prices, surging US bond yields, and stretched valuations, potentially leading to continued selling by foreign institutional investors (FIIs).
Weekly Performance and Market Outlook
The Nifty 50 concluded the week with a gain of 0.78%, following a 1.19% increase in the previous week. So far this month, the index has accumulated a gain of 2.24%, in contrast to a flat performance in January. Despite FIIs being net sellers, the market has shown robust resilience, primarily supported by domestic institutional investors (DIIs).
Analysts maintain an optimistic outlook, citing the strong performance of the economy and improving corporate earnings as solid fundamental pillars supporting the market’s upward trajectory.
Bhaarat Bulletin’s Shikha Rai, Bimal Dev, and BSE/NSE have contributed to the above report
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