Sensex, Nifty hit fresh peaks once again; telecom stocks in focus
Sensex and Nifty on Friday rallied for the fifth consecutive day on Friday to scale fresh 52-week high amid buying across sectors and bluechips. Sensex rallied over 250 points to cross the 79,500-level, while Nifty also scaled a new peak of 24,124.25 in the morning session.
Within the blue-chip Nifty50 pack, ONGC, Divi's Lab and Coal India were the top gainers by rallying around 2% each. Telecom stocks were in focus today after Reliance Jio and Bharti Airtel raised tariffs. Both the stocks were trading around 1% higher.
Shares of Polycab India were trading 4% lower amid block deals. Smallcaps, midcaps and microcaps once again outperformed while metals, pharma and PSU bank indices were trading around 1% higher.
Expert Take
The market outlook remains optimistic, hinging on FM Nirmala Sitharaman’s upcoming Union Budget and potential dovish signals from the Federal Reserve amid easing inflation, say analysts.
«Key resistance for Nifty is at 24,100, with a trading range of 23,500-24,100. Recommended trades include buying Nifty between 23,850-23,900 and Bank Nifty between 52,400-52,700. Notable bullish stocks are Reliance Industries, Britannia, Tata Motors, and RBL Bank, with RBL Bank poised as a strong momentum play,» said Prashanth Tapse of Mehta Equities.
As the rally is being driven by fundamentally strong largecaps like RIL, Bharti Airtel and leading private sector banks, analysts say the market momentum has the potential to take the Sensex to 80,000 level.
«However, corrections can happen any time since the
