Budget over, bulls back faster, higher, stronger
Nifty closing at new all-time highs, erasing all losses in the previous three trading sessions after the budget increased taxes on equity market transactions. Analysts said indicators point to an overbought market, but the renewed bullish momentum could push the markets higher and the Nifty above 25,000 for the first time.
The NSE Nifty rose 428.75 points, or 1.76%, to close at a record of 24,834.85. The index hit a lifetime high of 24,861.15 during the day. The BSE Sensex rose 1,293 points, or 1.62%, to end at 81,333 after hitting a high of 81,427.18. The index fell 10 points short of the all-time closing level of 81,343.
«With key events behind, redeployment by investors and traders on sidelines is aiding markets to scale to newer highs,» said Sriram Velayudhan, senior vice president, IIFL Securities. «While the momentum oscillators remain extremely overbought, in the short term, if Nifty crosses 24,900, it could go up to 25,200 levels.» Among top gainers on the indices, Bharti Airtel rose 4.5%, Adani Ports advanced 3.6%, Tata Steel gained 3.3% and JSW Steel moved up almost 3%.
In the near term, the Nifty will face resistance at 25,100, said Vaishali Parekh, vice president, technical research, Prabhudas Lilladher. «With strong participation across all sectors, the market is likely set to reach 25,200, gearing up for yet another new high,» said Parekh.
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