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Bull Run on D-Street: Sensex hits 59k, Nifty above 17,600; PSU Banks on a roll

Bull Run on D-Street: Sensex hits 59k, Nifty above 17,600; PSU Banks on a roll

At 14:38 hours, the 30-share BSE index was trading 429.8 points or 0.73 per cent higher at 59,153.09, and the broader NSE Nifty was up 116.65 points or 0.67 per cent to 17,636.10.

Bull Run on D-Street: Sensex hits 59k, Nifty above 17,600; PSU Banks on a roll Bull Run on D-Street: Sensex hits 59k, Nifty above 17,600; PSU Banks on a roll

The party on Dalal Street keeps getting bigger. Equity benchmark Sensex surged over 450 points to touch a record intra-day high of 59,178.61, and the broader NSE Nifty 50 index crossed the 17,600 mark for the first time on Thursday.

At 14:38 hours, the 30-share BSE index was trading 429.8 points or 0.73 per cent higher at 59,153.09, and the broader NSE Nifty was up 116.65 points or 0.67 per cent to 17,636.10.

IndusInd Bank and ITC were the star performers on Sensex, followed by SBI, RIL, ICICI Bank, Kotak Mahindra Bank and Axis Bank.

On the other hand, TCS and Tata Steel were among the losers.

"Nifty has provided a short term breakout above 17450 after consolidating in a range of 200 points. The immediate target on the upside comes to 17,650 and above that 17,900 levels. The immediate support on the lower side is pegged at 17,450 levels on a closing basis and till those levels are held the short term trend remains positive," Jay Thakkar, VP and head of equity Research at Marwadi Shares and Finance Limited told BusinessToday.In.

"On the derivatives front the highest OI was at 17,500 levels on the call front which has been taken off hence that becomes an immediate support which is further confirmed with highest OI on 17,500 PE now," he noted.

"Nifty Bank has also provided a breakout above its previous swing high indicating that the possibility of a life time high from hereon is quite high. The immediate target is 37,900 levels whereas the support is pegged at 36,900 levels," he added.

Market cap of BSE-listed firms crossed the Rs 260-lakh crore mark for the first time after Sensex and Nifty hit their all-time highs in early trade today.

Investor wealth has surged by a huge 155.54% or Rs 158.44 lakh crore since last year's historic market crash in March. On March 23, 2020, market cap of BSE-listed firms fell to Rs 101.86 lakh crore.

Published on: Sep 16, 2021, 2:52 PM IST
Posted by: Tanya Aneja, Sep 16, 2021, 2:47 PM IST