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The NSE Nifty 50 and BSE Sensex have extended their remarkable record run for the sixth consecutive session, showcasing the strength of the Indian stock market. On Thursday, both indices recorded fresh highs, with the Nifty 50 rising by 211.90 points (0.81%) to close at 26,216.05, while the Sensex climbed 666.25 points (0.78%) to finish at 85,836.12. Intraday trading saw the Nifty touch a peak of 26,250.90, and the Sensex reached 85,167.56, reflecting a robust bullish sentiment among investors.
Key contributors to this rally include major automotive players like Maruti Suzuki India Ltd. and Mahindra & Mahindra Ltd., which have positively influenced market dynamics. The Nifty Bank index also showed strength, increasing by 0.33% to close at 54,281.50, supported by strong performances from State Bank of India and HDFC Bank Ltd.
According to Shrikant Chouhan, head of equity research at Kotak Securities Ltd., the market successfully broke through critical levels of 26,000 and 85,300, which triggered intensified positive momentum. Technical indicators suggest that as long as the market maintains these levels, further gains are anticipated, potentially reaching targets of 26,300-26,375 for Nifty and 86,000-86,300 for Sensex. However, if the indices fall below these benchmarks, the bullish setup may come under threat, prompting traders to reconsider long positions.
Despite the positive trend, some stocks negatively impacted the indices, including Larsen & Toubro Ltd., Oil and Natural Gas Corp., and Cipla Ltd. Overall, market participants are keenly observing these developments as the rally continues to reshape investor sentiment in India.
