Sensex, Nifty end near record highs as financials lead rally
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Indian equity benchmarks closed higher on Thursday, with both the Sensex and Nifty nearing all-time peaks last reached in September 2024.
Sustained buying in banking and energy stocks, coupled with favorable global market conditions, drove positive investor sentiment throughout the trading session.
The Sensex gained 446.21 points (0.52%) to settle at 85,632.68 after hitting an intraday peak of 85,801.70 during trading hours.
Significant contributions to the index’s advance came from heavyweight constituents including HDFC Bank and both Bajaj group companies.
The Nifty created a new 52-week high at 26,246.65 before closing at 26,192.15, registering a gain of 139.50 points (0.54%).
Technical analysts highlighted established support levels between 26,000-25,900, with nearer-term support zones identified at 26,180 and 26,070 that could sustain positive momentum.
Market technicians anticipate that surpassing the 26,277 resistance level could potentially drive the index toward 26,350-26,500 territory in subsequent sessions.
Broader market indices displayed divergent trends, with the Nifty SmallCap 100 edging down 0.05% while the Nifty MidCap 100 closed marginally higher by 0.02%.
Top performers on the Sensex included Bajaj Finance, Bajaj Finserv and Tech Mahindra, contrasting with declines in Asian Paints, Titan, and HCLTech.
The NSE witnessed similar sectoral movements, with Eicher Motors joining the Bajaj group companies as major gainers, while Asian Paints, Titan and HCLTech pressured the index downward.
Sectorally, Financial Services emerged as the strongest performer on NSE, while Media and PSU Bank sectors faced notable selling pressure.
Market participants attributed the positive momentum to optimism surrounding India-US trade negotiations and advancements in bilateral agreements.
Technology-led rallies in global markets following robust corporate earnings further reinforced domestic market confidence.
Increased participation from foreign institutional investors, combined with strength across automobile, banking, and IT heavyweights, contributed to the bullish market undertone.
(With inputs from IANS)
