Benchmark stock market indices inched closer to the record highs they had hit in July, supported by a rally in financial stocks and the positive sentiments fuelled by the sucess of G20 summit.
The S&P BSE Sensex opened 0.31 per cent higher at 66,807.73 at 9:15 am, while the NSE Nifty 50 was up 0.35 per cent to 19,890. Both the indices are less than 1 per cent away from their previous record highs.
The broader market indices also continued their strong rally, with Nifty Smallcap 100 rising nearly 1.3 per cent.
Heavyweight sectoral indices such as Nifty Bank, Nifty Auto, Nifty Financial Services and Nifty IT rose sharply in early trade.
The top five gainers on the Nifty 50 were Adani Ports, Apollo Hospitals, Adani Enterprises, HCL Tech and Dr Reddy’s. On the other hand, the top losers were Coal India, IndusInd Bank, Cipla, Bharti Airtel and Eicher Motors.
Om Mehra, research analyst at Choice Broking, said, “India’s benchmark Indices had a stellar week, supported by midcap and small cap marking their best performance in previous two months. This surge was fueled by the positive outcomes anticipated from the G20 summit, particularly regarding green hydrogen and the potential India-Middle East-Europe Economic Corridor.”
“The market (Nifty) is inching closer to the significant 20,000 milestone driven by favorable global indicators and enthusiastic Foreign Institutional Investors (FIIs) participation,” he added.
“From a technical standpoint, Nifty seems to have a solid support level in the range of 19,650-19,700 while Bank Nifty finds support around 44,500 levels.”
