Indian Equity Benchmarks Reach Historic Highs on IT and Banking Surge

Indian Equity Benchmarks Reach Historic Highs on IT and Banking Surge

VoM News Desk | January 15, 2024 | 10:50 AM IST | Breaking News | Follow on Google News

Indian Equity Benchmarks Reach Historic Highs on IT and Banking Surge/AFP

Indian Equity Benchmarks Reach Historic Highs on IT and Banking Surge

India’s equity benchmarks, the Nifty 50 and the Sensex, achieved fresh all-time highs on January 15, propelled by gains in IT and banking heavyweights, including Infosys, TCS, HDFC Bank, and Wipro.

The Nifty 50 breached the 22,000 mark for the first time, reaching a new peak of 22,081.95, while the Sensex set a fresh record at 73,288.78 during the session. Concurrently, the BSE Midcap and Smallcap indices also touched record highs of 38,109.23 and 44,871.58, respectively.

Having reached the 21,000 milestone on December 8, 2023, the Nifty 50 exhibited a remarkable ascent, surging by 1,000 points in just 26 trading sessions to achieve the unprecedented level of 22,000 on January 15. This surge marks the fastest pace since 2019 when the index moved from 16,000 to 17,000 in a mere 21 sessions.

Analysts anticipate the market’s momentum to persist, driven by expectations of robust December quarter earnings, potential interest rate cuts by the US Federal Reserve, positive macroeconomic indicators, and hopes for political stability following the Lok Sabha elections.

Technical analysts foresee the Nifty sustaining above the 22,000 level and continuing its upward trajectory. Axis Securities suggests that if the Nifty maintains levels above 22,000, it could attract buying interest, potentially pushing the index towards 22,200-22,300 levels. The firm identifies crucial support for the week around 21,700-21,500 and expects Nifty to trade in the range of 22,300-21,500 with a positive bias.

VoM News Desk

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