Sensex, Nifty defy global trends to register record closing

By Koustav Das: Benchmark stock market indices defined weak global cues to register a strong closing on Thursday.

The NSE Nifty 50 rose by 98.80 points to settle at 19,497.30, while the S&P BSE Sensex advanced by 339.60 points to reach 65,785.64, with both indices achieving record closes.

Reliance Industries, the highest weighted stock on the Nifty, played a significant role in driving the gains as it surged over 2 per cent.

This after an Economic Times report indicated that the company’s telecom arm was reported to be in talks to sign a contract worth $1.7 billion with Nokia for 5G network equipment.

Among sectoral indices, Nifty Realty, Nifty Oil and Gas, Nifty Media and Nifty Auto were the top gainers, while IT and FMCG stocks ended lower.

The positive momentum in the market extended to broader indices as well, with the smallcap and midcap indexes reaching fresh over-one-year and record highs, respectively.

The top five gainers on the Nifty 50 were M&M, Apollo Hospitals, Power Grid Corporation, Tata Motors and Reliance. On the other hand, the top drags were Eicher Motors, HDFC Life, Maruti, HCL Tech and Bajaj Finance.

V.L.A. Ambala (SEBI Registered Research Analyst), Stock Market Today (SMT), said, “Nifty’s RSI today is around 78 and MACD showing bullish divergence in price and same with Sensex, with different value at 78.”

“Key levels for Sensex will be as support 65,620, 65,500 and resistance 65,880 and 66,000. For Nifty, important levels will be 19,530 and 19,600 and key support point will be at 19,440 and 19,400,” Ambala added.

“Market is not willing to fall, in fact getting ready for another fly. In coming days, we may witness a pullback and not a retracement.”