Nifty, Sensex Continue To Hit Fresh Record Highs; Reliance, SBI Lead Gains: Midday Market Update

India's benchmark stock indices continued their record rally on Friday, led by gains in Reliance Industries Ltd. and State Bank of India.

At 11:57 p.m., the NSE Nifty 50 was trading 75.15 points, or 0.31%, higher at 24,119.65. The S&P BSE Sensex gained 176.09 points, or 0.22%, to trade at 79,419.27.

The Nifty 50 hit a fresh high of 24,174.00, and the Sensex touched a record high of 79,671.58 during opening trade today.

The NSE Nifty 50 closed at an all-time high above 24,000 levels on Thursday with strong gains of 6.9% from the last expiry and achieved the 350-breakout target from 23,700 levels, said Vikas Jain, senior research analyst at Reliance Securities.

With the new expiry, the resistance would now move higher to 24,500 levels, while on the downside, 23,700 would be the new support zone, which was a resistance level. The RSI has risen to a range of 70 levels, from which it has repeatedly retraced downward since the year's beginning. The highest call open interest has moved higher to 24,500 strikes, while on the downside, the highest put OI is at 23,500 for the weekly expiry, Jain said.

Reliance Industries Ltd., State Bank of India, Tata Motors Ltd., Oil and Natural Gas Corp., and HDFC Bank Ltd. were contributing to the Nifty 50.

ICICI Bank Ltd., Bharti Airtel Ltd., Axis Bank Ltd., Mahindra & Mahindra Ltd., Kotak Mahindra Bank Ltd. were weighing on the index.

On NSE, nine sectors advanced and three declined. The NSE Nifty Oil & Gas led gains among other sectors. The NSE Nifty Auto was the worst performing sector.

Broader markets outperformed the benchmarks with the S&P BSE Midcap and Smallcap were trading 0.57% and 0.75% higher, respectively.

On BSE, 17 sectors advanced and three declined. The S&P BSE Energy rose the most and the S&P BSE Capital Goods declined the most.

Market breadth was skewed in favour of the buyers. Around 2,307 stocks rose, 1,405 stocks declined, and 141 stocks remained unchanged on BSE.

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