Why is Nifty 50 making a series of lifetime highs? — explained with 5 crucial reasons
Stock market today: Continuing its upward trajectory from Thursday, the Indian stock market experienced a significant rally in early morning trading as the Nifty 50 reached a new milestone of 22,794, surpassing its previous high of 22,783 set earlier this week on Tuesday. This achievement underscores the market's resilience and upward trend.
Similarly, the BSE Sensex opened on a positive note, nearing its all-time high of 75,124 with an intraday high of 75,095. The Bank Nifty index also regained momentum, surging over 0.60 percent in morning trading and approaching its current high of 49,974 with an intraday high of 49,607.
In the broader markets, the small-cap index rose by 0.30 percent, reaching a new peak of 47,678, while the mid-cap index climbed by around 0.50 percent, hitting a new high of 42,760. However, like Tuesday this week, profit-booking triggered at higher levels and frontline indices turned red after few hours of opening bell.
On why Nifty 50 and other stock market indices are turning red after touching new highs these days, Ganesh Dongre, Senior Manager — Technical Research at Anand Rathi, said, “We may continue to see profit-booking on the stock specific level in upcoming trading session as well, as the nifty 50 index is in an overbought condition." The Anand Rathi expert said that the Bank Nifty is in the 48,500 to 50,000 range, and a fresh uptrend can be expected only when the index gives a fresh breakout above the 50,000 level on a closing basis. Also Read: Breakout stocks: Sumeet Bagadia recommends five stocks to buy today — May 3 “The Nifty 50 index failed to sustain itself at higher levels for one more time as the index is overbought, but ample liquidity is not allowing the correction to go down
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