Nifty 50 hits all-time high led by banks, metals, auto stocks; small, midcaps support rally
- Stocks leading gains in Nifty 50 included Larsen & Toubro, NTPC, Asian Paints, ONGC and PowerGrid Corporation of India. In the past one month, the Nifty 50 index has jumped over 6.5%, while it is up more than 11.7% year-to-date (YTD).
The Indian benchmark equity index Nifty 50 hit a fresh record high on Friday led by broad based buying amid mixed global cues. The Nifty 50 rallied over 125 points to touch a new high of 20,258.45 in the early trade today, surpassing its earlier record high of 20,222.45 hit on September 15 this year.
Broader markets supported the rally with the Nifty Midcap 100 and Nifty Smallcap 100 also hitting their record highs.
Meanwhile, BSE’s 30-share index Sensex was trading more than 300 points higher at 67,293, and was away over 600 points from its all-time high of 67,927.23 hit on September 15.
Stocks leading gains in Nifty 50 included Larsen & Toubro, NTPC, Asian Paints, ONGC and PowerGrid Corporation of India.
In the past one month, the Nifty 50 index has jumped over 6.5%, while it is up more than 11.7% year-to-date (YTD).
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Markets are supported led by optimism over better than estimated India’s gross domestic product (GDP) growth for the September quarter along with inflows of foreign capital.
India’s GDP growth for the July-September quarter of FY24 stood at 7.6% as compared to 6.2%, YoY, with the economy retaining its spot as the world’s fastest-growing major economy.
Read here: India remains fastest-growing major economy, Q2 GDP growth beats RBI estimates: 5 key takeaways
Meanwhile, foreign institutional investors (FIIs) on Thursday net bought stocks of Indian companies worth ₹8,147.85 crore, according to BSE data.
“The Indian equity market is in a strong bullish mood and is hitting a fresh all-time high. We may continue our momentum and outperform our other global peers, backed by the strong fundamentals and under-ownership of FIIs. FIIs may become net buyers amid rising US bond yields and the strong macroeconomics of India. State election results may create some kind of volatility, but we are preparing ourselves for a pre-election rally,” said Parth Nyati, Founder of Tradingo.
In terms of level, he believes 21,000 looks like an easy task in the near term for the Nifty.
“With robust GDP data and FII buying, Indian markets are poised to reach new highs. Traders should maintain a long position with a trailing stop loss at the solid support level of 20,050,” said Deven Mehata, Research Analyst, Choice Broking.
According to the technical charts, support for Nifty 50 is placed at 20,100, followed by 20,050 and 20,000. On the higher side, 20,200 can be an immediate resistance, followed by 20,300 and 20,350.
Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
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