Indian Shares Hit Record Highs; Sensex Logs 16-Year Winning Streak
Dear Trader –
Tracking gains in Asian peers, India's benchmark equity indices closed at record highs in a volatile market on Friday, helped by Bajaj Auto-led surge in auto stocks. Gains in banking, financial and IT stocks also fuelled the rally.
The 30-share BSE benchmark Sensex rose 320 points or 0.47% to settle at 67,839, continuing its winning streak for the 11th straight session – longest since 2007.The broader NSE Nifty Future advanced 69 points or 0.34% to end at 20,240.
From the Sensex pack, M&M, Bharti Airtel, Tata Motors, Tech Mahindra, and HCL Tech closed with gains, while HUL, Asian Paints, Bajaj Finserv, NTPC, ITC, and L&T closed with losses.
Sectoral-wise, Nifty Auto advanced 1.58%, and Nifty IT gained 0.94%. Nifty Financial Services and Nifty Bank also closed higher. In the broader market, Nifty Midcap100 gained 0.28%, while Smallcap100 rose 0.41%.
Meanwhile, the market capitalisation of all listed companies on the BSE increased by Rs 1.25 lakh crore to Rs 323.42 lakh crore. The market breadth was skewed in favour of the bulls. About 1,935 stocks gained, 1,697 declined, and 154 remained unchanged.
FII and FPIs, on friday saw a net purchase of Rs.164.42 crore in the cash segment. A total of Rs.32959.86 crore was sales against a total purchase of Rs.33124.28 crore. Domestic institutional investors saw a net purchase of Rs.1938.57 crore in the cash segment. A total of Rs.10144.07 crore was sales against a total purchase of Rs.12082.64 crore.
Meanwhile, The market is inching towards a new direction with renewed buying in auto and IT stocks in expectation of strong festive demand and a strong deal wins, The ECB hinted at a potential pause in rates due to receding inflation, while investors are now focused on central bank meetings next week, with the US FED, BoE, and BoJ set to announce their rate decisions.
Technically, the important key resistances are placed in August Nifty future are at 20240 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 20303 – 20404 levels. Immediate support is placed at 20108 – 20008 levels.
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