The S&P BSE Sensex jumped 341 points to reach a high of 52,641.53 while the NSE Nifty 50 index breached 15,800 levels to hit a record high of 15,816
Bulls took the charge of Dalal Street today as the Benchmark indices opened at fresh record high. The S&P BSE Sensex jumped 341 points to reach a high of 52,641.53 while the NSE Nifty 50 index breached 15,800 levels to hit a record high of 15,816.
Market cap of BSE-listed firms rose to a record high of Rs 231.52 lakh crore after Sensex hit a fresh all-time high in early trade today.
Investor wealth rose by Rs 1.29 lakh crore in the morning session against the previous close of Rs 230.23 lakh crore.
"The Nifty has provided a breakout above 15,800 levels which is quite positive in the short term, it has immediate support at 15,740 levels and till those levels are held the overall bias will remain positive in the short term," Jay Thakkar - VP and Head of Equity Research, Marwadi Shares and Finance Limited, told Business Today.
"The last weekly expiry range was 15,600-15,800 and since the range has been broken on the upside the probability of Nifty inching towards 16,000 is quite high," he noted.
"The momentum indicator MACD is well in the buy mode at all degrees thus confirming that the bulls have an upper hand. The NIFTY IT and NIFTY Pharma are well in the uptrend and so is NBFC segment and these sectors along with PSEs will provide further fuel to the market," he added.
Of 30 Sensex stocks, 23 were trading in the green in early trade. PowerGrid was the top gainer in the Sensex pack, advancing over 2 per cent.
Recently, power stocks have been on a roll. The BSE Power index hit an intraday high of Rs 3,064.23 today.
Power consumption in the country grew at 12.6 per cent in the first week of June to 25.36 billion units (BU), indicating a slow recovery in commercial and industrial electricity demand, as per the government data.
Experts hope that the commercial and industrial power consumption, as well as demand, would rise again from June onwards as many states are easing local restrictions imposed to curb the second wave of coronavirus.
Bajaj Finance rose over 2 per cent amid the rally in Sensex and Nifty today. The large-cap stock touched an all-time high of Rs 6,227.05 rising over 2 per cent against the previous close of Rs 6087.60 on BSE.
In Q4 of the previous fiscal, Bajaj Finance reported a 42 per cent jump in consolidated net profit at Rs 1,347 crore against net profit of Rs 948 crore in the January-March period of the preceding fiscal year 2019-20.
Share of Reliance Industries rose over 2 per cent to hit an intraday high of Rs 2227.90 on BSE today. The firm said it has shut a secondary unit at its only-for-exports oil refinery at Jamnagar in Gujarat, which may delay the shipment of some product cargoes.
HCL Tech share was up around 2 per cent and hit an intraday high of Rs 984.95. The IT sector has been a star performer as the pandemic has increased our dependence on technology. Brokerages have maintained a positive stance on the IT sector post announcement of March quarter earnings as well.
Infosys, TCS, and Tech Mahindra were among the top gainers, up around 1 per cent in early trade today.
Sensex has gained 10.09% or 4,816 points since the beginning of this year and risen 56.75% in one year.
Nifty has risen 13.24% or 1,851 points since the beginning of this year. The 50 stock index has rallied 59.86% or 5,922 points in one year.
On Thursday, benchmark indices snapped two days of losses. Sensex zoomed 358 points to end at 52,300 and Nifty rose 102 points to 15,737.