Sensex, Nifty end at record high closing levels; can bulls carry the momentum to next week?

Stock market ended at record high closing levels. (Image: REUTERS)

After scaling fresh all-time highs on Friday morning, Sensex and Nifty trimmed some advance but managed to close the day’s trade in the positive territory. S&P BSE Sensex was at 52,474 on closing while the Nifty 50 index was at 15,799 — the highest closing levels for both the indices. Among the top gainers were Dr Reddy’s, Power Grid, TCS, HCL Tech, and Infosys. Among the laggard were Larsen & Toubro, IndusInd Bank, Bajaj Finserv, Bharti Airtel, and ICICI Bank. The Nifty Bank index closed in the red. The volatility index continued to fall, ending the day 6% lower. Broader markets mirrored the up-trend and closed in green.

Nagaraj Shetti, Technical Research Analyst, HDFC Securities –

“After showing sustainable upside bounce on Thursday, Nifty shifted into a follow-through upmove on Friday amidst a range bound action and closed the day higher by 61 points. The short term uptrend continued in the market after one day of recent dips. Though momentum on the upside has slowed down, the market breadth remains intact and there is no indication of any profit booking or reversal emerging from the highs. The next upside levels to be watched around 16000 and immediate support is placed at 15690.”

Vinod Nair, Head of Research at Geojit Financial Services –

“Tracking cues from positive global markets, Indian equities remained in the green zone in today’s session. U.S CPI data, released yesterday, eased inflation worries as the current surge is temporary and insufficient for the Fed to taper its bond-buying policy. Global sentiments were further boosted with European Central Bank raising its growth estimates and pledging its liquidity support.”

S Ranganathan, Head of Research at LKP securities –

“Markets held firm in today’s trade despite a spate of new public issues being lined up this month. IT & Metals were in the limelight with select Pharma stocks lending support. Several Small Caps having rallied multiple times in CY2021, there was a sense of caution as investors resorted to profit-taking. The timely arrival of the Monsoon however kept the mood buoyant as several Midcaps were seen buzzing around.”

Paras Bothra, President of Equity Research at Ashika Group –

“Domestic markets remained firm on expectations of improving consumer and business confidence, a reflection of phased easing of the lockdowns and a faster pace of vaccinations amid declining new covid-19 cases. The government also does not expect the economic impact of the second wave of the COVID-19 pandemic to be as severe as the first. Meanwhile, the RBI remains supportive of Govt. Momentum was witnessed in metal and IT stocks while banking and FMCG were under pressure. At close, Nifty 50 was higher 0.39% and BSE Sensex was up 0.33% at 15799.40 and 52474.76 respectively.”

Mohit Nigam, Head, PMS – Hem Securities –

“Benchmark Indices closed on a positive note with Sensex closing at 52,474.76 (+0.69%) and Nifty 50 closing at 15799.35 (+0.39%), both the indices closed at new record-highs. Nifty 50 showed some resistance in the 15,800-15,850 zone, we believe a convincing closing above 15,850 levels will open the gates for 16,000 in Nifty 50.  Strong buying is witnessed in Metal and IT stocks while some selling pressure is seen in selected FMCG and banking. Tata Steel and Coal India were the top gainers while L&T and HDFC Life were the top losers in Nifty 50 today. Immediate resistance levels for Nifty 50 are 15850 and 16000 while key support levels for Nifty 50 are 15500 and 15300.”