Indian equity indices closed on a higher note on Friday after hitting new highs for the second day in a row. The NSE Nifty 50 hit a new all-time high of 23,490.40, surpassing the previous high of 23,481.05. The index later closed 67 points, or 0.29%, higher from its previous close at 23,465.60. The BSE Sensex settled 182 points, or 0.24%, higher from the last close at 76,993. The heavyweights of the Nifty 50 took the markets to new highs. HDFC Bank, Reliance Industries, M&M, Titan, and Adani Ports & SEZ moved Nifty 50 towards a record high today. 

The top gainers in the Nifty 50 include Eicher Motors, Mahindra & Mahindra, Adani Ports & SEZ, Shriram Finance, and Titan.

Following the trend, the Nifty Midcap 100 jumped to a fresh record high of 55,270.95 after surpassing the previous high of 54,753.20, which it hit on June 13. It closed 574 points, or 1.05%, higher to settle at 55,226 from its last close. In the broader markets, midcap and smallcap outperformed the benchmark indices, closing in the green. The Bank Nifty surged 155 points, or 0.31%, to close at 50,002. 

The sectoral indices Nifty Auto, Consumer Durables, and Realty took the markets to a new high. However, in the bull market, IT stocks underperformed.

Also, nearly 140 stocks were in the upper circuit compared to 27 stocks in the lower circuit. Around 235 shares hit their 52-week high, while a mere four stocks were at their 52-week low on June 14. 

In the last five days, the Nifty 50 has risen 0.28% and the Sensex 0.57%. However, Sensex and the index comprising the top 50 companies, based on market capitalisation, have increased more than 4% in the last two weeks. 

“The market maintained a consolidation bias on Friday, closing marginally in the green. After an initial dip, the Nifty quickly rebounded and remained range-bound until the close, eventually settling at 23,465.60, up by 0.29%,’ said Ajit Mishra, Senior Vice President of Research at Religare Broking. While commenting on the technical aspects of the Nifty, Mishra said that the indications suggest further consolidation in the index. “Traders are advised to use any dip around the 23,100–23,3000 zone to initiate fresh positional longs. A decisive close above 23,600 could trigger an uptrend towards the 24,000 zone. Meanwhile, a stock-specific trading approach is proving effective, and participants should align their positions accordingly.”

Bank Nifty 

“Bank Nifty is facing stiff resistance at the 78.6% Fibonacci retracement level (50050) and has been unable to sustain above it. The consolidation is now five trading sessions old and can resume its upmove during the upcoming week. In case of dips towards 49500–49400, they should be used as a buying interest for the target of 50500–50600,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.