It was a terrific Tuesday for domestic stocks as both the headline indices scripted history. The Nifty50 index closed today's session 38.50 points or +0.37 per cent up at 10,531.50, while 30-share Sensex settled 70.31 points or +0.21 per cent up at 34,010.61 today. As many as 167 stocks hit fresh 52-week highs on NSE compared with 11 stocks that hit fresh 52-week lows. Out of 50 stocks in the Nifty50 index, 32 closed in the green, while 18 in the red today.
Indian equities hit fresh closing highs for the second straight day as Sensex settled above 34,000 for the first time ever and the Nifty50 breached the 10,500 level. Equity benchmarks were rangebound during most of the trading session, but gains in metal, pharma, telecom and private bank stocks at the fag-end helped market shrug off the bearish sentiment. The markets have been hitting record highs this month after victories in key state elections by Prime Minister Narendra Modi's ruling party boosted investor sentiment, raising hopes of a continuation in the government's reform agenda.
After moving in a narrow range of 20-30 points for most part of the day, some fag-end buying aided the Nifty50 index on the National Stock Exchange to hit a fresh record high. During the session, the index formed a bullish candle on the daily chart, but this did not result in any significant formations. On the daily and weekly chart, the index is moving in an uptrend, forming higher tops and higher bottoms. From its current levels, the Nifty50 has to hold above 10,500 to extend its rally towards 10,580-10,600 levels. On the downside, the immediate support zone is between 10,450 and 10,400 levels.