Unlock hopes, Covid decline pushes Nifty to record high

Accordingly, global cues and accelerated pace of economic recovery led both the indices - Nifty50 and S&P BSE Sensex - to open higher.

Mumbai: India’s key benchmark equity index NSE Nifty50 touched a new record high level as fresh Covid cases declined, thereby, igniting hopes for a quick unlock.

Accordingly, global cues and accelerated pace of economic recovery led both the indices – Nifty50 and S&P BSE Sensex – to open higher.

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During the trade session, all sectors barring Pharma and Auto traded in the green out of which Media and Metal sectors are showing the most strength.

At 1.15 p.m., the Nifty50 of the National Stock Exchange ended the trade session at 15,431.80, up 93.95 points, or 0.61 per cent, from its previous close.

Earlier, the Nifty50 hit a record high of 15,455.55.

Similarly, the S&P BSE Sensex closed the day’s trade at 51,414.45, higher by 299.23 points, or 0.59 per cent, from its previous close.

“Currently, Nifty is showing good strength and market sentiments have welcomed the index to sustain at higher zones. Buying can be seen on dips. Going forward, resistance can be seen around 15600 zone whereas support is placed at 15250 and then 15100 levels,” said Jay Purohit, Technical & Derivatives Analyst, MOFSL.

“Considering overall chart structure, traders are advised to trade with positive bias and use dips as buying opportunity. Traders can look for buying opportunity in counters like Hero Moto, Lalpath Labs and Trent.”

According to Likhita Chepa, CapitalVia Global Research: “Following favorable global cues, the market made a good start on Friday’s opening session. We observed holistic participation of different sectors helping the market to maintain the early gain. The market’s overall structure remains positive. As investors are optimistic about the economy’s reopening in June, which will help restart commercial activity.”

“Besides, investors are anticipating today’s meeting of the goods and services tax council, in which the commission is likely to discuss the compensation shortfall.”