Party Continues: Sensex, Nifty hit new highs; RIL and Bharti Airtel lead the dance

economictimes.indiatimes.com:

Nifty and Sensex extended their winning streak to a second day of fresh all-time highs on Wednesday, led by investor appetite for bluechips such as Reliance Industries and Bharti Airtel. Market experts are bullish in their sentiment and see the Nifty crossing 24,000 levels in the near term.

NSE's Nifty rose 147.5 points, or 0.62%, to close at 23,868.8 and hit a record of 23,889.90 during the day. BSE's Sensex rose 620.73 points, or 0.8%, to end at 78,674.25, having touched an intraday high of 78,759.40.

Volatility Index Dips
«Gains in Reliance and HDFC Bank, which together constitute more than 20% of the Nifty, have been the index drivers in the previous two days,» said Aamar Deo Singh, senior vice president of research at Angel One.

If HDFC Bank stays above ₹1,700 and Reliance above ₹3,000, they may lead the Nifty to the 24,000 mark, said Singh.

HDFC Bank has gained 10.85% in the past month after trading flat in the first half of the year. Reliance shares were the top gainer on the Nifty 50 at 3.88% on Wednesday, after gaining only 3.02% in May. Reliance rose 4.1% to ₹3,027.40 on the BSE. HDFC Bank ended 0.7% down at ₹1,699.50, having risen 2.33% to ₹1,711.35 on Tuesday. Airtel rose 3.1% to ₹1,458.55 on the BSE Wednesday.