Bulls Take Charge: Sensex Soars 712 Points To New Record High; Nifty Tops 23,700
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Bulls took charge on Dalal Street on Tuesday, betting on private banks, including HDFC Bank, Axis Bank, and ICICI Bank, and other heavyweights like L&T, Bajaj Finserv, Tech M, SBI, and Infosys.
The BSE Sensex hit a fresh all-time high of 78,105, topping the 78,000-mark for the first time. It settled at 78,053, up 712 points or 0.92 per cent.
Similarly, the NSE Nifty50 climbed above the 23,700 level for the first time to touch a record high of 23,735.5. It ended with gains of 183 points or 0.78 per cent at 23,721 level.
The broader BSE MidCap and SmallCap indices, however, slipped in trade, closing 0.26 per cent and 0.03 per cent, respectively.
The m-cap of all the companies listed on the BSE stood at Rs 435.7 trillion at the end of the session.
Among sectors, the Nifty Private Bank, and Bank indices gained around 2 per cent each with both the indices hitting record highs. On the downside, the Nifty Realty fell 1.7 per cent.
Bandhan Bank’s stock declined by 3% following the Reserve Bank of India’s appointment of a director to the lender’s board. This action is typically interpreted as a step towards enhancing oversight of the bank’s operations.
Market View: Anand James, Chief Market Strategist, Geojit Financial Services
Dips came too early in the week to have triggered sustainable weakness as they attracted bargain buying to push Nifty back into the neutral territory by close of the day, yesterday. And yet, the 23580-630 region pencilled down yesterday as the upside marker, remains intact, suggesting that the prospects of a deeper fall towards 23100-22700 is very much alive. But, for now, expect consolidation within the 23350- 630 band, with only feeble expectations of an upside break towards 23960-24130.
