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Business News/ Markets / Stock Markets/  RIL, ICICI Bank, HCL Tech among 10 Nifty 50 stocks that hit fresh record highs today
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RIL, ICICI Bank, HCL Tech among 10 Nifty 50 stocks that hit fresh record highs today

Nifty 50 closes flat after hitting a new high at 22,297 points. The short-term outlook remains positive with resistance at 22,400. 10 out of the 50 constituents of the index achieved new record highs. In terms of sector-specific performance, Nifty Media jumped by 1.36%.

Overall, the Nifty 50 concluded this week with a gain of 0.78%, following a 1.19% increase in the previous week. Premium
Overall, the Nifty 50 concluded this week with a gain of 0.78%, following a 1.19% increase in the previous week.

Continuing its bullish trajectory for the fifth consecutive trading session, the Nifty 50 surged to yet another all-time high, reaching 22,297 points in today's trading. Despite the opening session being higher, the index finished the trade flat at 22,212 amid profit booking. 

However, the sentiment remained positive for the short term as the index closed above the crucial resistance level of 22,200, with the next resistance seen at 22,400. Short-term support is positioned at 21,900. As long as Nifty maintains levels above 21,900, the index may continue to be considered a buy on dips, said Rupak De, Senior Technical Analyst, LKP Securities.

In today's session, 10 out of the 50 constituents of the index achieved new record highs. These included Mahindra & Mahindra, Sun Pharmaceutical Industries, ICICI Bank, Maruti Suzuki India, Reliance Industries, Dr Reddy's Laboratories, Cipla, SBI Life Insurance Company, Adani Ports & Special Economic Zone, and HCL Technologies.

Also Read: Reliance, Larsen And Toubro to Infosys: These 5 stocks of LIC Pension Fund give up to 700% return in 10-year

In terms of sector-specific performance, Nifty Media jumped by 1.36%, followed by Nifty Realty, Nifty Consumer Durable, Nifty Pharma, and Nifty Auto, which closed with gains ranging between 0.18% and 1%. On the flip side, Nifty PSU Bank experienced a decline of 1.15%, while Nifty Oil and Gas and Nifty Metal fell by 0.43% and 0.27%, respectively.

Commenting on today's market performance, Vinod Nair, Head of Research, at Geojit Financial Services, said, "The domestic market paused momentarily today after reaching another record high earlier in the day, driven by positive signals from global markets. Notably, the capital goods and industrial sectors showed strength, supported by advancements in manufacturing and services." 

Also Read: Jio Financial Services share price jumps 14% to a record high; market cap crosses 2 lakh crore

"As the earnings season winds down, the market is eagerly awaiting new catalysts however rallying on the pre-election momentum. Concerns linger over rising crude oil prices, surging US bond yields, and stretched valuations, likely prompting continued selling by FIIs," he added. 

Overall, the Nifty 50 concluded this 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%, contrasting with a flat performance in January.

Also Read: Nvidia share price up 16%, nears life-time high; Here's how Indians can invest

Despite foreign institutional investors (FIIs) being net sellers, the market exhibited robust resilience, largely buoyed by significant support from domestic institutional investors (DIIs), which remains the primary driver behind the ongoing market rally.

Looking ahead, analysts maintain an optimistic outlook that the strong performance of the economy and the improving corporate earnings serve as solid fundamental pillars supporting the market.

Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of Mint. We advise investors to check with certified experts before making any investment decisions.

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Published: 23 Feb 2024, 05:23 PM IST
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