Banks and IT stocks pushed BSE Sensex and Nifty 50 to record closing highs on Thursday, the day of weekly F&O expiry. BSE Sensex surged 318.05 points or 0.58 per cent to end at 54,843.98. NSE’s Nifty rallied 82 points or 0.5 per cent to settle at 16,364. During intraday, the 30-share index hit a record high of 54,874.10, and Nifty 16,375.50. Broader markets outperformed the equity benchmarks in today’s trade. BSE Midcap index surged 1.07 per cent or 243.98 to 22,954.94. While BSE Smallcap index rallied 508.76 points or 2 per cent to 26,357.96. India VIX, the volatility index, fell 2.67 per cent to 12.37 levels.
Vinod Nair, Head of Research, Geojit Financial Services
Market breadth continued to be skewed in favour of the bulls amidst mixed global cues and strong support from IT, power and utility stocks. Chinese jitters over tightening regulatory scrutiny of online insurance companies were outweighed by the slowdown in pace of the US inflation data and rebound in UK GDP numbers. US consumer price inflation stood at 5.4% YoY in July, unchanged from June’s data, taking some heat out of concerns over early tapering by the Fed. UK GDP grew by 4.8% QoQ in Q2 as activity and demand rebounded with the easing of covid restrictions.
Mohit Nigam, Head – PMS, Hem Securities
Benchmark Indices closed on a positive note with Sensex +0.58% and Nifty 50 +0.50% with Nifty Small cap back in action. Except for pharma, all major sectoral indices are trading in the green with IT, power, PSU bank and capital goods indices rising a percent each. Passenger vehicle wholesales data in India increased by 45% to 2,64,442 units in July against 1,82,779 units in the same month last year. Indian Railway Catering & Tourism Corp (IRCTC) share price touched a 52-week high of Rs 2,727.95, rising 6 percent on August 12 after the company announced stock split and better numbers for the quarter ended June 2021. On the technical front, immediate support and resistance for Nifty 50 is 16100 and 16400 respectively.
Palak Kothari, Research Associate, Choice Broking
On the technical front, the index has been trading in a Higher High, Higher Low pattern and given a breakout of the previous high which suggests upside movement will continue in the upcoming session. The Index has been trading above all the moving averages as well as MACD & RSI are also showing positive crossover on daily time frame which further adds strength in the index. At present, the nifty index has immediate resistance at 16360 levels while downside support shifted up to 16400 levels.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities
Nifty gave a positive closing today. It closed up by 80 points since yesterday’s close at 16360 after making a new all time high. However, volumes in Nifty were much lesser than expected. 16400 and 16450 will act as the next resistance levels for nifty while 16280 and 16250 will act as supports.