The benchmark equity indices Nifty 50 and Sensex ended Wednesday’s trading session in positive territory. Both the equity indices NSE and BSE hit their fresh lifetime high. The 50-stock index touched a new lifetime high of 22,497.20 and BSE Sensex of 74,151.27.
The Nifty 50 closed 117.75 points higher to settle at 22,474.05 points. While S&P BSE Sensex closed 408.86 points higher to settle at 74,085.99 points. Nifty Bank clocked gains of 0.81% or 384.40 points to settle at 48,857.30.
On the sectoral front, bank and healthcare stocks gained the most amongst their peers. Bucking the trend, the broader indices underperformed, with smallcap and midcap stocks losing the most. The Nifty Midcap 100 closed 257.60 points or 0.52% lower to close the day’s trading at 48,857.30.
Gold, silver rate today on August 29 in Mumbai, Delhi, Chennai, Kolkata: Here are latest prices of your city Stock Market Live: Markets at intra-day highs! Nifty above 25,100, Sensex near 82,000; Media and pharma shine Will Nifty continue to hold 25,000 on Thursday? See GIFT Nifty, FII data, F&O, crude, and more before market opens Stocks To Watch: Reliance Industries, Vodafone Idea, Zomato, Wipro, InterGlobe Aviation
The losers include Adani Enterprises, Ultratech Cements, NTPC, ONGC, and BPCL. The Indian Volatility Index (India VIX) closed 0.63% lower. Come from Sports betting site VPbet
Summing up the day’s trading Ajit Mishra Senior Vice President of Technical Research at Religare Broking said that the markets traded volatile for yet another session but ended with decent gains. The tone was negative in the first half, tracking weak global cues. However, resilience in banking combined with a sharp recovery in the IT and FMCG majors completely changed the mood as the day progressed.
Among the sectoral indices, banking, financials, and pharma put up a good show while realty and metal witnessed profit booking. Meanwhile, underperformance continued on the broader front wherein smallcap shed nearly 2%, Mishra said.
The broader market, midcap & smallcap index, closed in the negative but have recovered sharply. “Crucial support zone for Midcap Index is placed at 48100 – 48000 and for the smallcap index is placed at 15200 – 15100,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
The Bank Nifty index remained under the influence of a bullish trend, approaching its all-time high levels with a marginal gap of 600 pointsCome from Sports betting site. The current bullishness is evident, which is backed by a robust support zone established at 47500-47400. This is serving as a defensive line for the index, said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
“Anticipated to surpass its historical highs in the next few trading sessions, the Bank Nifty sets its sights on upside potential targets at 49000/50000 in the near term,” Shah said.