Indian equity benchmark indices touched new record high levels on Thursday, on the back of continuous foreign capital inflows and intense buying in banking and FMCG stocks.
The BSE Sensex surged 474.46 points or 0.71 per cent to settle at its fresh all-time closing high of 67,571.90.
The NSE Nifty jumped 146 points or 0.74 per cent to end at its record closing high of 19,979.15. Nifty is all set to hit the 20,000 mark, as the benchmark is just 9 points away from breaching the milestone. Nifty recorded an intraday high of 19,992 on Thursday.
"Nifty, the headline Indian Index, recently reached a fresh all-time high, stopping just 9 points shy of the 20,000 mark. The index's value remains above the critical moving average, indicating a positive trend. Furthermore, the RSI shows a bullish crossover, suggesting potential market strength. In the short term, the index is expected to stay positive," said Rupak De, Senior Technical Analyst at LKP Securities.
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"However, if it fails to surpass the 20,000 level, investors might engage in profit-taking. There is a support level at 19,800, which could attract buying interest during potential pullbacks," he said.
"Nifty has rallied 3,150 points from the March lows. The ferocity of this rally, in the context of a global growth slowdown, has surprised even the optimists," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
According to market analysts, Nifty will touch the 20,000 mark on Friday as there are no major headwinds to challenge the ongoing rally. However, analysts are not ruling out a correction citing high valuation concerns.
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The IT major reported April-June quarter profit at Rs 5,945 crore, up 10.9 per cent against Rs 5,360 crore during the corresponding quarter last year. The company’s revenue from operations stood at Rs 37,933 crore, up 10 per cent year-on-year compared to Rs 34,470 crore during the June quarter of FY23.
Hindustan Unilever
The FMCG giant recorded a 6.9 per cent increase in its consolidated profit to Rs 2,556 crore for the April-June quarter ended June amid a gradual recovery in the FMCG industry despite a challenging operating environment. It reported a total income of Rs 15,679 crore, a growth of 6.2 per cent against Rs 14,757 crore during the first quarter of FY23.
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