Markets News

Sensex and Nifty break their past records by scaling to an all time high

On Monday, Indian share markets benchmarks BSE Sensex and Nifty 50 scaled an all time high record with Sensex hitting 52,000 and Nifty 50 climbing above 15,300.

Moreover, in the post Union Budget rally, the 30-share Sensex closed above the historic 50,000-mark reaching a fresh lifetime high for the first time.

Further, it took a total of two sessions to add another 1,000 points to reach 51,000 along with an additional five days to hit 52,000.

According to technical charts, Nifty is expected to have strong resistance at 15,300 in the form of maximum concentration of Call OI.

India projected to be an attractive investment destination due to a landmark Budget that aimed to push the economy back into the double-digit growth phase.

Also, foreign flows are expected to be positive in Q4 as well with the trend so far as the Budget has been pro-growth with privatisation gaining ground.

For protecting shareholder rights to improve the ease of doing business, several reforms have been formulated.

Sectors like Private Banks, Consumer, FMCG and IT have witnessed foreign flows with Indian companies demonstrating growth post lifting of the lockdown restrictions in Q3.

Foreign Institutional Investors view India as having major growth potential due to its fastest post-Covid recovery in comparison to other emerging markets.

According to experts, FIIs were net buyers in the cash segment of the Indian equity markets to the tune of about Rs 9000 crore in January.

However, with banking stocks being sought after by the FIIs, IT stocks continue to be favourites with high delivery buying.

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