Nifty, Sensex Hit Record Highs, Analysts See Further Hike
The Indian benchmark indices Nifty and Sensex resumed their upward journey on the fourth consecutive day, hitting fresh record highs of 21673 levels and 72,110 levels towards the end of the trading session.
At close, the BSE Sensex closed 0.9 percent higher at 72,038 levels, while the NSE Nifty 50 ended 1 percent higher at 21,654 levels on December 27.
The bulls pushed the Bank Nifty to all-time highs of 48240 as well, on the back of the rally seen at HDFC Bank, SBI, Bank of Baroda, PNB, and IndusInd Bank stocks.
Border Indices also fared well, with the Nifty Midcap 100 and the Nifty SmallCaps 100 gaining up to 0.6 percent. Analysts characterise the gains as the onset of the Santa Claus rally, and according to them, they will continue until the monthly F&O expiry.
Chokkalingam G., founder of Equinomics Research, for instance, predicts another 2–5 percent rally in the Nifty 50 and attributes it to the 2024 general election run-up. “India”s growth story is well-primed, along with other factors like institutional flows and the shift expected to large caps from mid- and small caps,” Chokkalingam said, according to Moneycontrol.
Vaishali Parekh, Vice President, Technical Research, Prabhudas Lilladher, told Moneycontrol that Nifty could eye 22,000 levels in the next few sessions as it breaches another record high.
