Benchmark indices NSE Nifty 50 and BSE Sensex made new all-time highs and ended the week’s first trading session broadly in green. The Nifty 50 rose 146.95 points or 0.75% to close at 19,711.45 after making a new 52-week high of 19,731.85 intraday. The Sensex jumped 529.03 points or 0.80% to settle at 66,589.93 after hitting a fresh all-time high at 66,656.21 intraday. In sectoral indices, Nifty Bank gained 1.41%, Nifty IT rose 0.31%, Nifty Financial Services jumped 1.25%, Nifty PSU Bank surged 2.25%, and Nifty Media skyrocketed 3.15%. The top gainers on Nifty 50 were State Bank of India, Wipro, Dr Reddy’s Laboratories, Grasim Industries, and HDFC Bank while the losers were Oil and Natural Gas Corporation, Hero MotoCorp, Tata Motors, Titan Company, and Bharti Airtel.
“Despite the mixed performance observed in the Asian market due to China’s underwhelming GDP data, the Indian market exhibited resilience, in anticipation of a bumper Q1 result. Nifty50 Q1 consolidated PAT is projected to grow by more than 20% YoY, which can upgrade the full-year earnings growth of FY24. Small caps outperformed as comparative valuations are attractive trading below the long-term average compared to large and mid-caps,” said Vinod Nair, Head of Research at Geojit Financial Services.
Bank Nifty to target 46500 in short term
“Bank Nifty deserves a special mention today as it has broken out of a falling channel indicating that the consolidation phase is over and it is likely to witness a sharp surge over the next few trading sessions. On the upside we expect it to target levels of 46500 in the short term. Crucial support on the downside is placed at 44700,” Jatin Gedia added.