Sensex, Nifty trade at record high amid broad-based rally

By Koustav Das: Dalal Street continued its dream run on Friday as benchmark stock market indices rallied to touch fresh all-time highs.

The S&P BSE Sensex was trading at +475.03 points higher at 64,390.45 at 9:36 am, while the NSE Nifty 50 was up 125.85 points at 19,097.95. Broader market indices also reflected strong market sentiments and all of them were trading in positive territory.

Nifty IT was the top sectoral index, rising over 1.6 per cent. All other heavyweight indices such as Nifty Bank, Nifty Auto and Nifty Financial Services started off the day on a strong note.

The top five gainers on the Nifty 50 were Power Grid Corporation, Infosys, Bajaj Auto, M&M and Bajaj Finance. On the other hand, the top drags were Adani Ports, HDFC Life, Eicher Motors, Apollo Hospitals and Tata Steel.

Among individual stocks, shares of ICICI Bank and ICICI Securities will be in focus today after the private lender announced that its broking arm will be delisted.

On the technical front, Riches Vanara, Technical and Derivatives analyst, Stoxbox, said, “The benchmark index saw a consecutive gap-up opening and marked new life highs in the previous trading session. The price action continued to surge on increasing volumes throughout the trading session. However, it ended the day with a petite candle.”

“On the positive note, the Nifty 50 has marked new life highs at 19,011 following a constructive base ahead of the breakout which indicates garnering of bullish strength, and with this, the market status is now in a confirmed uptrend provided the support at 18,887 remains protected on an intermediate basis.”

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