Indian equity markets surged to new record levels on Monday, buoyed by positive global sentiment.
The Sensex and Nifty indices both reached unprecedented highs at the start of the trading session, with the Sensex hitting 81,749 and the Nifty breaching 24,980.
By 9:37 AM, the Sensex had slightly adjusted to 81,679, marking an increase of 347 points or 0.43 percent, while the Nifty stood at 24,919, up by 84 points or 0.34 percent.
Banking stocks were at the forefront of the rally, with the Bank Nifty advancing by 590 points or 1.15 percent to 51,881.
The enthusiasm extended to smaller stocks as well, with the Nifty midcap 100 index climbing 376 points or 0.65 percent to 58,144, and the Nifty smallcap 100 index rising by 210 points or 1.72 percent to 19,064.
Leading gainers in the Sensex included NTPC, SBI, IndusInd Bank, Tata Motors, ICICI Bank, UltraTech Cement, L&T, Infosys, and Maruti Suzuki.
Conversely, Titan, Bharti Airtel, Tech Mahindra, ITC, JSW Steel, HUL, and M&M experienced declines.
Asian markets mirrored the positive momentum, and US markets also closed on a high note in Friday’s session, contributing to the optimistic outlook.
Deven Mehata, Research Analyst at Choice Broking, offered technical insights.
He stated, “Following the gap-up opening, the Nifty is expected to find support at 24,900, with additional support levels at 24,850 and 24,800. On the upside, 25,000 could serve as immediate resistance, followed by 25,100 and 25,200.”
He further analyzed the Bank Nifty, noting potential support at 51,200, with subsequent levels at 51,000 and 50,900.
If the index continues to climb, 51,500 may act as the first significant resistance point, with additional resistance at 51,700 and 51,800.
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