Stock Market Highlights: Sensex jumps 261 pts, closes at a record peak of 48,437

Stock Market Highlights: Sensex jumps 261 pts, closes at a record peak of 48,437

After a gap down opening the benchmark indices recovered to close at lifetime high led by IT & Banking stocks. The Nifty hit 14,200 for the first time while the Sensex crossed 48,400.

At close, the Sensex was up 260.98 points or 0.54 per cent at 48,437 and Nifty gained 66.60 points or 0.47 per cent at 14,199.50.

About 1,740 shares have advanced, 1268 shares declined and 159 shares remain unchanged.

On Nifty 50 index, Axis Bank (6.36 per cent), HDFC Ltd. (2.84 per cent), IndusInd Bank (2.65 per cent) and HDFC Life (2.57 per cent) were the top gainers for the day, while ONGC (-2.06 per cent), JSW Steel (-1.95 per cent), Bajaj Finance (-1.86 per cent) and Tata Steel (-1.80 per cent) were the top losers for the day.

On the sectoral front, Nifty IT and Nifty Bank outperformed the benchmark indices and closed 2.62 per cent and 1.63 per cent strong respectively, while Nifty Metal & Nifty Energy stocks witnessed selling pressure and closed -1.41 per cent and -0.61 per cent week.

Author’s View: If the current level is maintained on Nifty we can see a further upside till 14,270 – 14,300 level. Bank Nifty gave a fresh breakout over 31,500 level, we can see Bank Nifty moving towards its lifetime high in a few trading sessions.

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