The Nifty 50 index of the National Stock Exchange (NSE) set a new record high on Wednesday, closing above 18,887. The index opened at 18,842.30 and touched an intraday high of 18,914.50 before closing at 18,887.60, up 0.68%. The Sensex, the BSE’s benchmark index, also closed at a new record high, rising 0.71% to 63,416.03.
The rise in the Nifty 50 was driven by gains in banking, financial services, and IT stocks. The Nifty Bank index rose 1.2%, the Nifty Financial Services index rose 1.1%, and the Nifty IT index rose 0.9%.
Analysts said the rise in the Nifty 50 was due to a combination of factors, including strong corporate earnings, positive global cues, and continued foreign investor inflows.
“The Nifty 50 is likely to continue to consolidate in the near term, with support at 18,800 and resistance at 19,000,” said Siddhartha Khemka, head of research at Motilal Oswal Financial Services. “We expect the index to trend higher in the medium term, driven by strong corporate earnings and positive global cues.”
Here are some of the key takeaways from the news article:
- The Nifty 50 index of the National Stock Exchange (NSE) set a new record high on Wednesday, closing above 18,887.
- The rise in the Nifty 50 was driven by gains in banking, financial services, and IT stocks.
- Analysts said the rise in the Nifty 50 was due to a combination of factors, including strong corporate earnings, positive global cues, and continued foreign investor inflows.
- The Nifty 50 is likely to continue to consolidate in the near term, with support at 18,800 and resistance at 19,000.
- Analysts expect the index to trend higher in the medium term, driven by strong corporate earnings and positive global cues.