Stock Market News: Sensex and Nifty 50 Reach Record Highs, Close Slightly Down
Friday’s intraday trading session saw the domestic benchmark indices, the Sensex and Nifty 50, reaching record highs before ending slightly down due to profit-booking in the IT, FMCG, and healthcare sectors. Despite the markets being supported by fresh foreign cash inflows and steady crude oil prices on international exchanges, traders noted that the dismal trend in global stocks weighed on sentiments.
The Sensex hit a new all-time high of 75,636.50 during the session but closed 8 points lower at 75,410.39. Similarly, the Nifty 50 reached a new all-time high of 23,026.40 but ended the day 11 points lower at 22,957.10.
Vinod Nair, Head of Research at Geojit Financial Services, mentioned that despite the recent US FOMC minutes suggesting a sustained hawkish stance on policy rates, global market sentiments remained muted. The US unemployment claims declined more than expected, business earnings remained steady, and inflation stayed stubborn, giving the Fed no reason to lower interest rates.
Dharmesh Shah, Vice President at ICICI Securities, provided a market outlook stating that the Nifty 50 is expected to head towards the target of 23,400 in the coming weeks. He highlighted the strong rebound of the index post a ~5% correction and the multi-sector participation indicating improving market breadth.
Top stock recommendations included buying Reliance Industries Ltd (RIL) in the range of ₹2,900-2,965 for a target of ₹3,270 with a stop loss of ₹2,765, and buying NTPC in the range of ₹366-376 for a target of ₹408 with a stop loss of ₹346.
Investors are advised to consult with certified experts before making any investment decisions.
