Sensex, Nifty close at record highs, rupee jumps vs USD. Key levels to watch now
Premium- Nifty and Sensex broke upwards today after a 6-day range consolidation while mid and smallcap stocks staged a rebound
Indian stock markets closed at new highs today, propelled by gains in IT stocks. The blue-chip NSE Nifty 50 index closed 0.50% higher at 16,364 while Sensex finished at 54,843, up 318 points. The BSE mid-cap index and small-cap index gained 1% and 2%, respectively, after falling sharply earlier this week.
The rupee appreciated by 19 paise to close at 74.25 against the US dollar on Thursday as heavy buying in domestic equities and weakness in the greenback strengthened investor sentiment.
In the equity market, Tech Mahindra rose 5% while HCL Tech gained about 3% to lead to rally in IT stocks. The Nifty IT services index rose 1.82%. Power Grid Corp was top gainer among Sensex stocks, rising 6%.
Elsewhere, SpiceJet Ltd jumped 7% after a report said that the country was set to allow Boeing's 737 Max jets to resume flights in the country within days.
“Markets were on a strong footing throughout the session despite weak Asian market cues. Technically, on daily charts, Nifty has formed a range breakout formation which suggests a continuation of an uptrend wave in the near future. We are of the view that 16280/16220 would be a key support level for trend-following traders. Above the same, the range breakout formation is likely to continue up to 16400/16475 levels," said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.
Deepak Jasani, Head of Retail Research, HDFC Securities, said, "Nifty broke upwards, as expected, post a 6-day range close. There could be a day or two of follow-up upmove for the Nifty (though gradual) while the broader markets continues its upward retracement."
Banking sector index Nifty Bank today underperformed but still rose 0.4% to 35,937. "Bank Nifty, though closed in positive territory, was under some pressure today. Immediate support for Nifty bank is at 35770 followed by 35580 and 35430 levels and upside resistance is placed at 36100- 36200- 36400 levels," said Rahul Sharma, Co- Founder of Equity99.
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Important results to watch tomorrow are from AllCargo, Burger King, GIC, Grasim, Inox Wind, IRFC, ONGC. Hotel and Entertainment stocks should be kept in focus with various states announcing unlocking norms, he added.
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