Markets end record high!
On Thursday, for the first time, the Sensex crossed 79,000 and Nifty surpassed the 24,000 level, buoyed by strong buying once again. The BankNifty index experienced volatile moves, trading in a broad range with support at 52,700 and resistance at 53,100.
Sensex gained 568 points to close at 79,243 while Nifty reached 24,044, after gaining 175 points – ending at an all-time high.
The Nifty showed upward movement as the bulls took the index to a new all-time high.
It made new all-time highs for the last three consecutive sessions, showing signs of resilience amid global sluggishness.
According to market watchers, the Indices will remain bullish in the near term despite the valuation concerns, and the ongoing momentum has the potential to take the Sensex to the 80,000 level.
Heavy buying was seen in the IT, oil and gas, and FMCG sector stocks while, PSU banks, pharma, media, and realty sectors ended up being top laggards.
“The trend remains positive for the short term or until it breaks below 23,800. On the higher end, the index might move towards 24,200,” said Rupak De from LKP Securities.
A healthy trend in the market is that now the up move is being led by fundamentally strong large-caps in sectors like banking and telecom.
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