Hopes of a strong monsoon this year helped markets to hit their fresh-all time high on Wednesday. Domestic markets that opened on a cheerful note following their global counterparts got further boost from latest Indian Meteorological Department’s (IMD) latest weather update that said monsoon this year could be ‘normal’ and bring 100 per cent rainfall instead of 96 per cent as predicted earlier. The rainfall is expected to give a booster dose to the rural economy. The Nifty registered a new record and closed above 9,400 mark for the first time ever. Sensex soared 314.92 points to close at new peak of 30,248.17, while NSE Nifty ended above 9,400 for the first time by jumping 90.45 points up at 9,407.30.
On today’s Nifty movement, Sameet Chavan (Chief Analyst- Technical & Derivatives, Angel Broking) said, “Finally, after two weeks of consolidation, the Nifty reached yet another milestone and has managed to close almost at the highest point ever. Now, if we meticulously observe the daily chart, a ‘Bullish Flag’ pattern is clearly visible. This pattern generally meets with its projected targets in a faster time as compared to other price patterns.”
Around 129 stocks hit their fresh all-time high on NSE on Wednesday. ABB India, ADF Foods, Ahluwalia Contracts, Bhushan Steel, Britannia Industries, Cadila Healthcare, C & C Constructions, Central Bank of India, Eicher Motors, Eveready Industries India, Gabriel India, Hindustan Unilever, Gillette India, Indian Bank, JK Cement, Maruti Suzuki, Mastek, PTC India Financial Services and Poddar Housing and Development were among some of the stocks that hit 52-week high.
Other stocks that hit their 52-week high were Zuari Global,Voltas, UltraTech Cement, Reliance Capital, PTC India, Premier Explosives, National Fertilizers, Motherson Sumi Systems, JK Lakshmi Cement, Gujarat Mineral Development Corporation, Gayatri Projects and Action Construction Equipment.
However, FCS Software Solutions, Green Fire Agri Commodities, Hindustan Dorr-Oliver, Moser-Baer (I), Rasoya Proteins, Shekhawati Poly-Yarn were among 13 stocks that hit their fresh 52-week low on NSE on Wednesday.