The domestic equity market ended on a terrific note today, with headline indices Sensex and Nifty scaling fresh lifetime highs on a closing basis. Financials and auto sectors contributed the most to the surge while pharma and power stocks slumped in trade. The S&P BSE Sensex rose 112.34 points or +0.33 per cent to settle at 33,685.56 to end the week +1.2 per cent higher, while NSE's Nifty50 climbed 28.70 points or +0.28 per cent to close at 10,452.50, to post a weekly gain of +1.6 per cent, with 21 out of 50 constituents ending in the green and 28 in the red today.
Benchmark indices ended at record highs today as Public sector banks continued their rally. The indices hit fresh highs at intra-day deals too with Nifty50 climbing to 10,461.70 and Sensex touching 33,733.71 today. Investor sentiment has been upbeat in India with the government's recent announcement of a recapitalisation plan for banks.
The Nifty opened the session at 10,461, which also turned out to be its intraday high. The index recovered from an intraday low of 10,403 and closed above the 10,450 mark for the first time ever today. In the process, the index formed a 'Hanging Man' pattern on the daily chart. The formation of a Hanging Man candle in an uptrend indicates a possible trend reversal or top formation that may result in a pause in the rally going forward. The major trend of the market will remain positive as long as it remains above the 10,380 level. On the upside, hurdles are seen at 10,500 and then 10,550 levels, while on the downside supports are seen at 10,350 level and then in the 10,300-10,280 zone.