Stock Market: Nifty Bank hits record high 35000

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Nifty Bank hits 35000 for the first time on 4 February 2021. The Sensex opened 43.50 points or 0.09% lower at 50,212.25, while Nifty eased 0.90 points, or 0.01% to open at 14,789.05 level. Selling was witnessed in banking index while auto, metals and FMCG stocks led gains.

Amid positive global markets, foreign institutional investors (FIIs), sentiment, negative domestic institutional investors (DIIs) and neutral futures & options (F&O) cues, the short-term trend of the Indian stock markets showed positivity today.

Indian benchmark equity indices recovered from day’s low levels to trade higher on Thursday afternoon led by buying in PSU Banks, auto, metals and FMCG stocks. Broader markets outperformed the benchmarks with Nifty Smallcap100 and Nifty Midcap100 indices trading over 1% higher.

Benchmark stocks on Wednesday, February 3, 2021, surged around one per cent to hit fresh record highs. The key domestic climbed amid positive global market cues. The Sensex closed above 50,250-mark while the Nifty settled near 14,800 level.

The Sensex gained 458 points, or 0.92% up at 50,256. The NSE Nifty also rose 142 points, or 0.97% to trade at 14,790. The Bank Nifty closed 490.55 points or 1.43% higher at 34,758.45. The BSE Mid-Cap index appreciated 1.38% and the BSE Small-Cap index closed 1.47% up. During the current week, the Sensex and the Nifty skyrocketed around 8.5%.

Anil Singhvi’s, Zee Business’s Managing Editor predicted the following:

  • Day support zone on Nifty is 14,650-14,725, below that 14,525-14,575 is strong Buy zone.
  • Day higher zone on Nifty is 14,850-14,900, above that 14,950-15,000 is strong profit-booking zone.
  • Day support zone on Bank Nifty is 34,050-34,275, below that 33,500-33,600 is strong Buy zone.
  • Day higher zone on Bank Nifty is 35,000-35,200, above that 35,400-35,500 is profit-booking zone.
  • The small day range for trading on Nifty is 14,725-14,850, while the medium and bigger ranges are 14,650-14,900 and 14,575-14,950, respectively.
  • The small day range for trading on Bank Nifty is 34,500-35,000, while the medium and bigger ranges are 34,300-35,200 and 34,000-35,500, respectively.

Major highlights of today’s share market are:

  • Reliance to sell some Marcellus shale assets in the US for $250 million.
  • Godrej Properties Q3FY21: The company reported a 69% YoY fall in net profit at Rs 14.4 crore versus Rs 46.7 crore, while revenue declined 55.5% at Rs 170.5 crore versus Rs 382.2 crore, YoY.
  • Gold rate today, Yellow metal falls below Rs 47,500 per 10 grams level; Silver plunges over 1%.
  • UltraTech Cement to raise up to Rs 3,000 crore via US dollar-denominated bond.

  • Future Group stocks plunge after SEBI bars CEO Kishore Biyani from the securities market.
  • Petrol, diesel prices rise by 35 paise each; touch new highs today.

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