Benchmark indices NSE Nifty 50 and BSE Sensex made new all-time highs and ended the week’s last trading session broadly in green. The Nifty 50 soared 150.75 points or 0.78% to close at 19,564.50 after making new 52-week high of 19,595.35 intraday. The Sensex jumped 502.01 points or 0.77% to settle at 66,060.90 after hitting fresh all-time high at 66,159.79 intraday. In sectoral indices, Bank Nifty surged 154.25 points or 0.35% to 44,819.30, Nifty IT skyrocketed 4.45% and Nifty Realty gained 1.16%. The top gainers on Nifty 50 were TCS, Infosys, Tech Mahindra, LTIM and HCL Tech while the losers were HDFC Life, Power Grid, Dr Reddy’s Laboratories, UltraTech Cement and Titan.
“The controlled inflation in the US has instilled optimism among investors that a 25-bps rate hike would be adequate to stabilise the US economy. This improved prospect has contributed to the strong buying of Indian IT stocks despite muted Q1 earnings. Furthermore, the broad-based rally in the domestic market was supported by India’s consecutive third month decrease in wholesale prices, along with the positive involvement of FIIs,” said Vinod Nair, Head of Research at Geojit Financial Services.
Bank Nifty could retest level of 45250-45600
“Bank Nifty 20 day SMA (Simple Moving Average) or 44500 would be the trend decider level. Above the same, the index could retest the level of 45250-45600. On the other side, below 44500 the bank nifty could slip till the 50 day SMA or 44000,” said Amol Athawale.