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Stock Market Updates: Sensex hits 56k, Nifty at 16,670; HDFC Bank zooms 3%

Stock Market Updates: Sensex hits 56k, Nifty at 16,670; HDFC Bank zooms 3%

At 09:18 hours, the 30-share BSE index was trading 250 points or 0.45 per cent higher at 56,022.09, and the broader NSE Nifty was up 69 points or 0.42 per cent to 16,683.70

Stock Market Updates: Sensex hits 56k, Nifty at 16,670; HDFC Bank zooms 3% Stock Market Updates: Sensex hits 56k, Nifty at 16,670; HDFC Bank zooms 3%

Equity benchmark Sensex jumped over 250 points to touch an all-time high of 56,086.50. At 09:18 hours, the 30-share BSE index was trading 250 points or 0.45 per cent higher at 56,022.09, and the broader NSE Nifty was up 69 points or 0.42 per cent to 16,683.70.

HDFC Bank and Ultratech Cement were the top gainers in the Sensex pack, advancing over 2 per cent, followed by PowerGrid, HDFC, Bajaj Finance and Bajaj Finserv.

On the other hand, Bajaj Auto and Infosys were among the losers.

On August 17, the benchmark indices ended at record highs, tracking gains in index majors Tech Mahindra, TCS, Titan and Infosys despite weak global markets. Sensex closed 209 points higher at 55,792 and Nifty advanced 51 points to 16,614.

During the session, Sensex scaled a lifetime high of 55,854 and Nifty logged a record of 16,628.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan said, "The hourly chart shows that Nifty found support near the 20 hour moving average and took a leap toward the hourly upper Bollinger Band. The daily upper Bollinger Band continues to stretch higher, which is making room for the index on the upside.

Nifty has crossed the level of 16,600 on a closing basis and is on the course towards 16,800 on the upside. On the other hand, 16,500-16,450 has been providing cushion on the downside for the last couple of sessions and is expected to continue with its role of a support zone."

Foreign institutional investors (FIIs) sold shares worth Rs 343.73 crore on August 17 and DIIs lapped up shares worth Rs 266.43 crore, as per provisional data available on NSE.