Indian indices climb, Nifty 50 hits all-time high despite weak global cues

Indian indices climb, Nifty 50 hits all-time high despite weak global cues

MINT | June 14, 2024 | 11:23 PM IST | Breaking News | Follow on Google News

Indian indices climb, Nifty 50 hits all-time high despite weak global cues

Indian indices climb, Nifty 50 hits all-time high despite weak global cues

Sensex Today Live : Indian benchmark indices climbed higher on Friday, with the 50-stock Nifty 50 creating a fresh all-time high, despite weak signals from global markets that were weighed down by lengthening hopes of a rate cut by the US Federal Reserve.

Sensex, which had opened higher at 76,912.38, touched an intraday high of 77,081.30, but pared some of its gains to close at 76,992.77, up 181.87 points, or 0.24%.

Meanwhile, the Nifty 50, which had opened higher at 23,464.95, created a fresh record high of 23,490.40, closed at 23,465.60, up 66.70 points, or 0.29%.

Half of the 30 stocks on the BSE Sensex closed in the red. Mahindra & Mahindra, Titan, HDFC Bank, Reliance Industries, and UltraTech Cement were the top gainers, while Tech Mahindra, TCS, Wipro, HCLTech, and Larsen & Toubro were the top drags for the day.

On the Nifty 50, 22 of the 50 stocks closed in the red. Eicher Motors, Adani Ports & SEZ, Mahindra & Mahindra, Shriram Finance, and Titan, were the top gainers, while Tech Mahindra, TCS, Wipro, HCLTech, and Larsen & Toubro were the top drags of the day.

The broader market outperformed the benchmark indices, with the BSE SmallCap gaining 1.03% and the BSE MidCap climbing 1.18% at close.

Separately, barring the IT and media indices, all the other sectoral indices closed in the green.

The auto index had gained the most, followed by consumer durables index, while the bank and financial services indices had also gained substantially.

Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities, said, “The BankNifty continued its consolidation phase and was unable to surpass the 50,000 mark, where the highest open interest is built up on the call side. The index needs to decisively surpass the 50,200 mark to confirm an upside breakout towards the 51,000 level. The lower-end support is placed at the 49,500-49,400 zone, and a break below this will open gates for further downside towards 49,000.”

MINT