Sensex breaches 65,000, Nifty hits record high

By Koustav Das: Benchmark stock market indices kicked off the trading week on a positive note, as both the NSE Nifty 50 and S&P BSE Sensex hit record highs for the third consecutive session.

The Sensex crossed 65,000 for the first time after rising over 300 points at 9:30 am, while the Nifty 50 was trading at a fresh record high of 19,283 after gaining 94.20 points.

Notably, the Nifty Auto index also experienced an upswing, climbing by 0.66 per cent and establishing a record high. Likewise, the Nifty Bank index, which carries substantial weightage, achieved an all-time high, adding to the overall positive sentiment in the market.

The top five gainers on the Nifty 50 were HDFC, JSW Steel, Grasim, Eicher Motors and HDFC Bank. On the other hand, the top losers were Power Grid Corporation, HDFC Life, Maruti, Sun Pharma and UPL.

These remarkable gains reflect the growing optimism among investors as inflationary pressures in the United States appear to be moderating. This development has sparked renewed confidence in the equity markets, propelling Indian shares to unprecedented heights.

Riches Vanara, Technical And Derivatives Analyst, Stoxbox, said, “The three major indices in the US advanced on Friday, with the tech-heavy Nasdaq in the lead as inflation showed signs of cooling. Investors perked up on the last day of the second quarter on signs of cooling US inflation which is likely to provide some respite to the Federal Reserve.”

Market participants will be closely monitoring the evolving economic landscape and upcoming data releases to gauge the sustainability of this positive momentum. With record highs being achieved, investors will be keen to assess the potential for further growth and identify new investment opportunities.

“On the domestic front, the GIFT Nifty trading kicks off today and is supportive for a positive opening today. Over the weekend, strong GST collections for June was reported which is expected to be supportive for markets today. Along with this, markets would closely track the June auto sales numbers for gauging the broad-based sentiment amongst consumers,” Vanara added.

As the trading day unfolds, market participants will keep a close eye on the performance of key sectors and individual stocks. With the Nifty and Sensex hitting successive record highs, the Indian stock market continues to demonstrate resilience and potential for further gains.

Ameya Ranadive, research analyst at Choice, said, “On Friday, the Nifty displayed a significant upward movement, forming a long bullish candle on the daily chart and closing at a record high of 19,189, marking a gain of 217 points. Moreover, on the weekly charts, the Nifty has been consistently reaching higher highs for 14 consecutive weeks.”

“For the upward momentum to continue, it is crucial for the Nifty to maintain levels above 19,100, which could pave the way for further advances towards 19,300 and 19,450 levels. On the downside, support is anticipated at 19,050 and 18,950 levels,” he added.

“The momentum indicator, RSI, has exhibited a bullish crossover on the daily timeframe, indicating strong momentum in the market.”

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