The domestic equity market benchmarks Sensex and Nifty50 registered fresh record closing highs today, backed by gains in oil, metal, bank and auto stocks. The Nifty50 closed 30.05 points, or 0.28 per cent, up at 10,681.25 today, while the 30-share Sensex added 88.90 points, or 0.26 per cent, to close at 34,592.39 today. Both, Nifty50 and Sensex, hit fresh 52-week highs of 10,690.40 and 34,638.42, respectively. Among the 50 stocks in the Nifty50 index, 22 closed the day in the green, while 28 settled in the red.
However, Dalal Street lost its bullish momentum today afternoon after four judges from India's apex court raised question over the administration of the Supreme Court. Both the Sensex and Nifty50 took a plunge from their record highs in a knee-jerk response to the revelation but recovered the losses to end higher. Sentiment was also affected ahead of Infosys earnings later today and the federal budget next month. Globally, Asian stocks resumed their ascent today, supported by US earnings optimism.
The Nifty50 had a volatile Friday, as the index slipped to 10,600 level in intra-day trade, but recovered sharply to hit fresh lifetime highs. The index made a Dragonfly Doji pattern on the daily chart and a bullish candle on the weekly chart. A Doji pattern suggests a balance of power between the bulls and the bears. It has to continue to hold above 10,600 to extend its upmove towards 10,750 and 10,800 levels. Downside support for the index is placed firmly at the 10,600 and then 10,550 level.