The domestic equity market continued its superb form, as benchmark indices hit fresh record highs for a second day running today, fuelled by bullish global cues and in anticipation of higher spending by the government to boost rural economy. The BSE Sensex gained 198.94 points or 0.58 per cent to fresh all-time high of 34,352.79, while Nifty50 closed at 10,623.60 today, higher by 64.75 points or 0.61 per cent. 37 stocks from the Nifty50 index closed in the green with 13 closing in the red.
Benchmark indices settled at record closing highs today, as pre-budget cheer and optimism over corporate results offset lowered growth forecasts, with sentiment also boosted by broader Asian markets that advanced towards historic levels. The rupee, meanwhile, rose to as high as 63.2450 per dollar, its strongest level since April 2015. Also, robust macroeconomic data from key economies has been driving optimism in global markets.
The Nifty50 today jumped to end above the 10,600 mark for the first time ever. The index made higher tops and higher bottoms for the fourth consecutive session and formed a small bullish candle on the daily chart for the second consecutive session. At close, the Nifty50 formed a bullish gap area around the 10,588-10,566 zone, which should act as an immediate support zone for the index. Now, the index needs to hold above 10,550 to extend its upmove towards 10,680-10,700.