D-Street hits fresh peak! Sensex breaches 67,000-mark, Nifty tops 19,800

economictimes.indiatimes.com:

Sensex and Nifty on Wednesday hit fresh record peaks above 67,000 and 19,800 levels, respectively. Buying was broad-based across market segments and sectors with IT and bank stocks leading the show.

Among Nifty stocks, NTPC rallied over 3% after Goldman Sachs initiated coverage on the PSU counter with a buy rating. Shares of private sector lender IndusInd Bank after brokerages hiked target prices on the stock following Q1 earnings.

In the broader market, Titagarh Rail Systems and Polycab were the top gainers and were trading higher by 8% and 5%, respectively. Expert Take Analysts said that the ongoing global market rally is primarily driven by the strength of the US economy, which is, so far, showing no signs of recession that the markets had feared and discounted in 2022. «The recent corporate results from the US have been better-than-expected enabling continuation of the rally,» Dr.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. While corporate earnings of bluechips announced so far have not seen any major negative surprises, the upcoming results from Infosys, Reliance Industries and Hindustan Unilever will be keenly watched, considering the gloomy global economic outlook and higher inflation levels.

«Nifty will continue to be on a roll as momentum buying shall lift the benchmark to uncharted territory with aggressive inter-month targets at 20,000 mark. On the other hand, the index is likely to face hurdles at 19,827 mark with support placed at 19,617 and intra-day support at 19,703 mark,» said Prashanth Tapse of Mehta Equities.MORE TO COME...