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Nifty Rallies For Fifth Straight Session, Closes At Record High

Nifty Closes At Record High On Decline In Daily COVID-19 Cases

In May series, Nifty has advanced nearly 3 per cent and Sensex has gained 2.71 per cent.

The 50-share National Stock Exchange benchmark index – Nifty 50 index – gained for fifth day in a row to close at an all-time high as daily COVID-19 cases continue to fall. For most part of the day, the equity benchmarks traded in a narrow band owing to volatility arising from monthly expiry of May futures and option contracts. However, late buying in banking shares led by State Bank of India, which also closed at a record high, pulled the benchmarks towards day’s highest levels.

The Nifty ended at an all-time closing high of 15,338, up 36 points, and Sensex climbed 98 points to 51,115.

In the May series, the Nifty has advanced nearly 3 per cent and Sensex has gained 2.71 per cent.

Investors’ sentiment has improved in the recent past due to a steady decline in daily COVID-19 cases nationwide. Earlier this week, the country reported its lowest daily rise of cases in more than a month.

“The short-term technical condition of the market appears like a sideways correction is in the process. While it is subject to further price action evolution, our research suggests it is prudent to wait for a decisive breakout above 15,400 and technical factors to improve before going long in the market. We retain our cautious stance and advise the traders to refrain from building a new buying position until we see further improvement and breakout above 15,400,” Ashis Biswas, Head of Technical Research at CapitalVia Global Research told NDTV.

Buying was visible across sectors; all the 11 sector gauges, barring the index of realty shares, ended higher led by the Nifty PSU Bank index’s over 3 per cent gain. The Nifty IT, Media, Metal and Private Bank indices rose around 1 per cent each.

Mid- and small-cap shares also witnessed buying interest as Nifty Midcap 100 index rose 0.62 per cent and Nifty Smallcap 100 index advanced 1 per cent.

State Bank of India was top gainer in the Nifty 50 basket of shares; the stock rose 3 per cent to settle at an all-time high of Rs 426.50. Shree Cements, Bajaj Auto, Kotak Mahindra Bank, Tech Mahindra, UltraTech Cement, Tata Steel, Wipro, Axis Bank, Power Grid, Nestle India and Hindalco also rose between 1.4-3.1 per cent.

On the flipside, HDFC, ONGC, Indian Oil, Bajaj Finance, Bharti Airtel, Adani Ports Maruti Suzuki, Eicher Motors and NTPC were among the losers.

The overall market breadth was positive as 1,749 shares closed higher, while 1,380 ended lower on the BSE.


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