Indian equity Indices closed on a higher note on Thursday after hitting new highs. The NSE Nifty 50 hit a new all-time high of 23,481.05. The index later closed 76 points or 0.33% higher from its previous at 23,399. Similarly, the BSE Sensex hit a fresh high of 77,145.46 and settled 204 points or 0.27% higher from the previous close to 76,811. The major gainers in the Nifty 50 include Shriram Finance, HDFC Life Insurance, Divi’s Lab, Titan Company, and M&M.

Following the trend, Nifty Midcap 100 jumped to a fresh record high of 54,753.20. It closed 426 points or 0.79% higher to settle at 54,652. In the broader markets, midcap and smallcap outperformed the benchmark indices, closing in the green. Bucking the trend, Bank Nifty dropped 48 points or 0.10% to 49,847. 

The sectoral indices Nifty Consumer Durables, Realty, and IT took the markets to a new high. 

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“We are seeing a time-wise correction in the Nifty index, with indications suggesting the current trend will continue. We reiterate our recommendation to focus on stock-specific trading, particularly in themes such as agriculture-related, sugar, chemicals, and select defense stocks for long positions,” said Ajit Mishra, Senior Vice President of Research at Religare Broking. 

“The domestic equity benchmark traded with a modest gain, with domestic CPI data indicating that inflation is on a slow track of decline. A similar trend is reported in the US CPI, which brought down the market expectation from 2 rate cuts in CY24 to 1, which is having a mixed effect on the global markets. In the domestic broader market, the realty and consumer durables sectors took the lead owing to government initiatives to revive the affordable housing segment,” said Vinod Nair, Head of Research at Geojit Financial Services.

Bank Nifty 

“Bank Nifty is facing stiff resistance at the 78.6% Fibonacci retracement level (50050) and has been unable to sustain above it. So, strength is missing at higher levels. There can be a consolidation in the near term before resuming the next leg of the upmove. Ideally, dips towards 49500 – 49400 should be used as a buying interest for the target of 50500 – 50600,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.