Nifty On Track To Meet Longest Winning Streak Since Index Launch: Midday Market Update
Both, Nifty 50 and the 30-stock Sensex rose as much as 0.42% and 0.61% to hit a fresh high of 25,258.8 and 82,637.03, respectively.
India's benchmark stock indices hit a fresh record high, with the Nifty 50 on track to meet its best winning steak since inception in 1996 after rising for the 12th consecutive session on Friday.
The last 12-day rally for the gauge was recorded in November 1993.
Both the Nifty 50 and the 30-stock Sensex rose as much as 0.42% and 0.61% to hit a fresh high of 25,258.8 and 82,637.03, respectively. As of 11:59 a.m., the NSE Nifty 50 was 90 points, or 0.37%, higher at 25,239, and the BSE Sensex was up 282 points, or 0.34%, at 82,418.
In the week so far, Nifty and Sensex have registered a gain of 1.69% and 1.65%, respectively, the highest since the week ended June 28.
Nifty is a buy as long as the 24,800 zone is held, with positional targets of 25,700 and 26,000, according to Shilpa Rout, AVP of Derivatives Research at PL Capital of Prabhudas Lilladher. "Otherwise, the 24,200 zone will be tested if it falls below this level."
Sectors showing strong rolls include non-banking financial companies, technology, chemicals, energy, banking (stock-specific), and pharma, while weakness is likely in automobiles, Rout said.
Asian stocks bounced back in trade on Friday as an upbeat economic print in the US reinforced soft landing bets, triggering broader gains on Wall Street. The MSCI Asia Pacific index, excluding Japan, was up 0.97% at 707.3 as of 11:46 a.m., led by the Chinese benchmark.
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Shares of Bharti Airtel Ltd., Mahindra & Mahindra Ltd., Tata Consultancy Services Ltd., ICICI Bank Ltd., and Power Grid Corp. positively contributed to changes in the Nifty 50.
While those of Reliance Industries Ltd., ITC Ltd., Adani Ports and Special Economic Zone Ltd., Larsen & Toubro Ltd., and Tata Motors Ltd. weighed the index.
On NSE, 11 out of 12 sectors advanced with Nifty Pharma and Media Realty rising during the session. The FMCH index fell by 0.16% .
Broader markets outperformed the benchmark indices. The BSE Midcap and Smallcap indices were trading 0.69% and 0.54% higher, respectively. On BSE, all 20 sectors advanced, with the BSE Healthcare and Realty rising the most.
Market breadth was skewed in favour of the buyers. Around 2,238 stocks rose, 1,513 stocks declined, and 141 stocks remained unchanged on BSE.
