Both the Sensex and Nifty indexes had a spectacular start to the week as they surged beyond significant benchmarks today. Sensex reached a record high of around 73,000, while Nifty closed above 22,000. The indices on Dalal Street were once again boosted today by buying activity in tech stocks. Benchmark indexes also beat broader markets.
The market’s momentum-driven advance is now receiving reinforcement from fundamentals. The significant increase in large-cap IT equities following somewhat upbeat remarks from management suggests that a poorly performing section may surprise to the upside when there is word of a sector turnaround. The 5% gain in the IT index on Friday is expected to hold since there is further upside potential for HCL Tech and Wipro. The Nifty has emerged from the consolidation area higher and is exhibiting indications of a potential upswing. Bulls may find short-term fuel in RIL, large-cap IT, and banking sectors.
Trade highlights:
Today, the Sensex and Nifty reached new all-time highs.
Subscribers can now access Medi Assist IPO.
Wipro rises by 10% to a new 52-week high.
Jio Financial will release its Q3 earnings today.