Mid-day market update today: Sensex hits record high, Nifty stable

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The NSE Nifty was down by 0.03 per cent or 6.75 points at 22,659.55, while the BSE Sensex was up by 0.03 per cent or 21 points at 74,764 at 1.35 pm on Tuesday. A total of 3,863 stocks were traded on the BSE, of which 1,563 advanced, while 1,179 declined and 121 stocks remained unchanged. As many as 222 stocks hit a 52-week high and nine stocks hit a 52-week low. 

Shrey Jain, Founder and CEO SAS Online – India’s Deep Discount Broker, said, “The benchmark Nifty and Bank Nifty indices are poised to start the day on a positive note, with Nifty holding firm around the 22,700 mark, while Bank Nifty is expected to maintain its position around 48,650.

“Throughout the day, we anticipate Nifty to sustain its upward momentum. If there’s a correction towards the 22,550 level in Nifty spot, it could present an opportunity for fresh long positions. Notably, the 22800 Call strike in Nifty has significant Open Interest (OI) of approximately 48 lakhs shares, while the 22500 Put strike holds substantial OI of around 91 lakhs shares.”

Looking at the options data, Bank Nifty is likely to consolidate near the current levels, with both Call and Put strikes at 48500 showing substantial OI. Nevertheless, our outlook remains positive as long as Bank Nifty holds above the 48000 mark.”

Sensex scaled 75,000 today, which fuelled the rally. Santosh Meena, Head of Research at Swastika Investmart Ltd, said, “Several factors contributed to this market rally. Central banks around the world have implemented interest rate cuts, while governments have enacted fiscal stimulus packages to bolster their economies during the Covid-19 crisis. This strategy has proved effective, leading to a robust economic recovery in India. Currently, India boasts the fastest-growing economy globally, with a promising future fuelled by political stability. We appear to be in the midst of a major bull market, which is likely to persist for the next few years. The Sensex reaching 100,000 seems like a realistic possibility in the near future. However, investors should prioritise quality stocks, while maintaining a long-term investment approach.”

Major gainers on the NSE at noon were Hindalco (2.99%), Apollo Hospitals (2.63%), Tata Steel (2.63%), ICICI Bank (2.25%), Infosys (1.87%). Major losers include Coal India (-1.41%), Hero MotoCorp (-0.78%), Tata Consumers (-0.76%), Reliance (-0.60%),and Asian Paints (-0.55%).

The BSE Smallcap was down by 0.25 per cent and the Midcap was down by 0.46 per cent.