After two days of minor consolidation, the market resumed its upward move today with a gapup opening, and scaling a bit higher during the session. The S&P BSE Sensex rose 232.81 points or 0.65 per cent to settle at 36,283.25 today. The broader Nifty50 index came off a bit from the high point of the day and ended at a new lifetime peak of 11,130.40, up 60.75 points or 0.55 per cent, with 28 constituents ending in the green and 22 in the red.
Benchmark indices ended at record highs today after a government report predicted growth would accelerate in the coming fiscal year, but bonds fell after it also recommended slowing down the move toward lower fiscal deficits. The economic survey released earlier in the day projected economic growth would be 7.0-7.5% in the year starting in April, up from a projected 6.75% for the current fiscal year. The survey, an annual report the health of the economy, comes ahead of the release on Thursday of the federal budget for the year to begin on April 1.
The Nifty50 index resumed its positive move after the consolidation of last two sessions and registered a fresh lifetime intraday high of 11,171.55 today. The index formed a bullish candle on the daily charts. As the index moves deeper into the uncharted territory, volatility is likely to rise. Chances of profit booking may rise, even though Nifty's supports have shifted higher. Now the index needs to hold above 11,050 to extend its move towards 11,200 and then 11,250 levels, while on the downside, supports are seen at 10,990 level.