Sensex, Nifty end at new record high

Sensex, Nifty end at new record high

Posted by Nilesh Waghela

Mumbai: Benchmark index Nifty 50 hit a fresh all-time high of 19,003.20 on Wednesday, surpassing the 18,887.6 level the benchmark index hit on 1 December, 2022. Nifty 50 took 142 trading sessions to achieve the record. 

Sensex hit an all-time high of 64,012.16 as well after hitting a high last week at 63,601.71. Year to date, Nifty 50 has risen around 800 points from 18,197 to achieve this level. 

Over the past three months, the index has surged over 2,000 points and maintained its upward momentum from the low of 16,828 it hit earlier this year, surging 12.4%. 

The top gainers on the Nifty 50 index currently are Adani Enterprises, Adani Ports & SEZ, Eicher Motors and Titan, with Adani Enterprises up over 4%.

“NSE Nifty 50 moved up smartly following a doji formation on the daily chart. The short-term trend looks green from here, on the upside, the index might witness a rally towards 19,000. On the lower end, support is placed at 18700,” said Rupak De, Senior Technical analyst at LKP Securities.

“As far as levels are concerned, a decisive closure above the ATH could open gates for the 19,000 mark for Nifty. While on the flip side, 18,750-18,700 is likely to cushion any sort of blip, with sacrosanct support present at the 18,650 zone,” said Osho Krishan, Sr. Analyst, Technical & Derivative Research, Angel One.

The largest contributor to Nifty 50’s gains has been Reliance Industries, which also shares the position of highest weightage on the index. 

Other heavyweights, such as ICICI Bank and ITC have also contributed to the gains since the 20 March lows. 

However, since 1 December, the top contributors have been ITC, Larsen & Toubro, and Tata Motors. Infosys and Adani Enterprise have been laggards since the previous peak, dragging the index instead.