Mumbai, June 25 (IANS) Driven by the financial sector, the Indian stock market saw a sharp rally to close at an all-time high on Tuesday, with the Bank Nifty index breaking above the resistance of 52,000 for the first time.
The domestic market experienced a financial sector-driven rally on Tuesday, primarily led by private banks, with the Nifty Bank reaching a new high and the Sensex surpassing 78,000.
Sensex closed at 78,053 points, or 712 points up, while Nifty reached 23,721, or 183 points up.
Axis Bank, ICICI Bank, HDFC Bank, Tech Mahindra and L&T were top gainers on the Sensex.
According to market watchers, the Bank Nifty is trading in a strong uptrend with higher highs and higher lows intact on the daily chart.
“The support now stands at 52,000, and intraday dips should be viewed as a buying opportunity for targets of 53,000/53,500,” said Kunal Shah from LKP Securities.
According to market experts, profit booking was evident in sectors such as realty, power, metals and midcaps.
Amid moderate consolidations and sector rotations, the market is moving upwards due to expectations from the upcoming budget.
Additionally, the progress of the monsoon is being watched for insights into the consumption outlook, said experts.
The rupee traded higher by 0.03 at 83.45 against the dollar, showing slight gains as capital markets remained positive with support from the banking and financial sectors and fund flows into these areas.
–IANS
na/uk
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
