The Indian equity indices soared to fresh record highs on Tuesday morning with the Nifty50 zooming past the 13,000 mark for the first time ever. Nifty has reached a record high of 13,029.50 points, while the Sensex hit an all-time high of 44,422.26. It took 40 months for Nifty to rise from 10,000 to 13,000. It took 40 months for Nifty to rise from 10,000 to 13,000.
As of 11:13 am the top gainers included Adani Ports, Eicher Motors, Maruti Suzuki, HDFC Bank and Axis Bank. Healthy buying was witnessed in banking, finance and auto stocks. Nifty50 on Monday formed a ‘Hanging Man’ pattern on the daily chart. In the last nine sessions, the index appears to be struggling at the upper boundary of the 45-day-old ascending channel. Analysts said the index has strong support at 12,800 level and a move above 13,000 level could further create an upward trend.
Foreign investors bought shares worth 6.69 billion dollars in November, the biggest ever monthly purchase by overseas investors. So far this year, foreign investors have invested a net 12.77 billion dollars into Indian equities. So far this November, Sensex has raced up 12%- highest gains since April 2020- while Nifty railed 15.77%, registering biggest gains since May 2009.
Hopes pushed by a booming economic recovery and also fuelled by COVID-19 vaccine also boosted the investor sentiment. “We finally achieved the 13,000 level. It is heartening to see that the Nifty is maintaining above it. The markets would attempt 13,100-13,200 in this rally up which would be a significant resistance zone. We have good support at 12,700 so any dip can be utilised to accumulate positions for a target of 13,100-13,200” said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
