News
Market Trading Guide: Shriram Finance, Godrej Properties Among 3 Stock Recommendations for Friday – Stock Ideas
Equity benchmarks Sensex and Nifty hit their new record highs on Thursday after lower inflation numbers raised hopes of an interest rate cut by the RBI. Additionally, heavy buying of capital goods, consumer durables and industrial stocks also helped the indices, traders said.
Rising for the second consecutive day, the 30-share BSE Sensex jumped 538.89 points to hit its lifetime peak of 77,145.46. It ended at a new record of 76,810.90, an increase of 204.33 points. The NSE Nifty rose 75.95 points to settle at a new closing high of 23,398.90.
“Nifty’s short-term trend continues to be range bound with a positive bias. Previously, such sideways movements at higher highs eventually resulted in a downward correction in the market from the highs. Nifty continued to face stiff resistance around 23,400 -23,500 levels and immediate support is at 23,280 levels,” said Nagaraj Shetti of HDFC Securities.