Indian equity indices closed on a record-high note on Tuesday. Nifty 50 rose 123 points to hit a fresh record high of 24,443.60 and later settled 112.65 points or 0.46% higher, than its previous close, at 24,433.20. Similarly, the BSE Sensex touched its new all-time high of 80,397.17. It closed 391 points or 0.49% higher, than the previous close, at 80,351.64 Come from Sports betting site VPbet . Maruti Suzuki, M&M, ITC, Divi’s Laboratories, and Titan Company were the significant gainers in the Nifty 50 on Tuesday.
Sectoral Index
Bank Nifty rose 143 points or 0.27% to end the session at 52,568.80. Following the overall market trend, Nifty Midcap 100 added 189.35 points or 0.33% closing the day’s trading at 57,077.55. In the broader markets, smallcap and midcap stocks closed in the green.
Sectoral draggers
Among the sectoral indices, Nifty Auto, Consumer Durables, and Pharma lead the markets to new highs. However, the Nifty Oil & Gas and IT bucked the trend.
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Expert’s take
“Nifty opened on a positive note and continued to inch higher throughout the day to close with gains of 97 points. On the daily charts, we can observe that the Nifty closed above 24400 suggesting that there is likely to be more upside over the next few trading sessions. the next target of the upside is 24610 which is the 161.82% Fibonacci retracement level of the previous fall and also the daily upper Bollinger band,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
“Both domestic and global factors continue to drive the market momentum. Currently, consumption sectors like FMCG and auto are leading the gains, buoyed by progress in the monsoon and kharif sowing. Investors are eagerly awaiting the first-quarter earnings results, which will guide market direction. The IT sector, with optimistic revenue growth expectations, is expected to positively kickstart the season. Additionally, continuous positive FII inflow contributes to the prevailing positive sentiment,” said Vinod Nair, Head of Research at Geojit Financial Services.
Bank Nifty
“The Bank Nifty index witnessed a consolidated move and is stuck in a range between 52700-52100. A decisive break on either side will lead to trending moves. The index remains in a buy-on-dip mode, and a break above 52700 will open up further upside towards 53000, where the highest open interest is built up on the call side. However, if the index fails to hold the support of 52100-52000, it can decline further towards the 51700-51500 mark,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
