The Nifty 50 hit a fresh lifetime high in the afternoon trade. Indian equity benchmarks advanced for most of the session on Friday. The Nifty 50 ended the day 182 points or 0.70% higher at 26,329, and hitting a new record high of 26,340. The BSE Sensex moved up 573 points or 0.67% to end at 85,762.
Similarly, the Nifty Bank lend the support to benchmarks and touched a new all-time high of 60,203.75 during the session, settling 440 points or 0.74% higher at 60,150. The mid- and small-cap stocks also closed the trade in the green. The BSE Midcap finished 458 points or 0.97% higher at 47,539. However, the BSE Smallcap finished 405 points or 0.79% higher at 51,920.
“The Nifty extended its uptrend for the third consecutive session, breaking out of a symmetrical triangle pattern on the daily chart. It touched a fresh all-time high of 26,340, aided by broad-based short covering. The MACD has generated a fresh buy crossover on the daily timeframe, while the RSI has moved above the 60 mark, signaling strengthening momentum,” said Nilesh Jain, Head of Technical and Derivatives Research Analyst at Centrum Broking.
“The index is trading above all key short- and long-term moving averages, keeping the broader trend firmly positive. With the base now shifting higher to the 26,100 zone, the upside appears open towards 26,500 levels in the near term,” added Jain.
Sentiment was supported by positive sector-specific developments, particularly stronger auto sales trends and an improving demand outlook across cyclical sectors, said Ajit Mishra, Senior Vice President of Research at Religare Broking. “Select index heavyweights provided additional support, enabling the market to sustain its upward momentum despite the absence of strong global triggers, as several overseas markets remained closed due to holidays. Meanwhile, continued weakness in tobacco-related stocks weighed on the FMCG space following recent tax-related developments.”
Big highlights from today’s market action-
Indices in intraday trade
The indices closed the trade on a lower note. During the session, out of 3,246 trading stocks, 2,247 advanced, while 895 declined, and 104 remained unchanged. Today, 101 stocks hit a fresh 52-week high. Meanwhile, 50 stocks touched a new 52-week low.
Top gainers
Coal India was the top gainer in the Nifty 50 in Friday’s session, closing 7.15% higher. It was followed by #NTPC, Hindalco Industries, Trent, and State Bank of India.
Top losers
ITC shares were the biggest losers in today’s trade, falling 3.8%. It was followed by Kotak Mahindra Bank, Nestle India, Shriram Finance, and Bajaj Auto were the only losers.