Indian equity benchmarks closed at record highs for a fifth consecutive day on Thursday, led by gains in heavyweights including Tata Consultancy Services, Infosys, HDFC Bank, Larsen & Toubro, Ultratech Cement and Tata Steel. The Sensex rose as much as 483 points to a record high of 63583 and the Nifty Index climbed as much as 129 points to an all-time high of 18887. Indian markets mirrored overnight gains in US markets after the Federal Reserve chief said the central bank may soon ease its aggressive pace of raising interest rates to tame inflation. The Sensex advanced 185 points to close at record high of 63284 and Nifty 50 index advanced 54 points to settle at an all-time high of 18812. After breaking record performances in early trade, the S&P BSE Sensex and Nifty 50 closed all-time highs on Thursday as gains in the IT, real estate and metals sectors pushed stocks higher. To close in NSE, the Nifty 50 was up 0.29% to hit a new all-time high, while the Sensex was up 0.29% to 110 in late trade. Hindalco Industries Ltd. added 2.82% or 12 points to end at 463 and UltraTech Cement Ltd was up 2.78% or 197 points to 7274 in late trade. Among the biggest losers was UPL Ltd which was down 1.37% or 10 points to trade at 778 in late trade. Eicher Motors Ltd. is down 1.35% or 47 points to 3437 and ICICI Bank Ltd is down 1.33% or 12 points to 940. We could see some consolidation after the recent surge, but bullish global signals would keep the tone positive. Also, the improvement in broader market participation is an added convenience. Participants should continue on a positive bias and use a pause or dip as a buying opportunity. At the same time, one should not overdo it and largely stick to the index majors and quality mid-caps. On the technical front, immediate support and resistance in Nifty 50 are 18700 and 18900 respectively. Immediate support and resistance in Bank Nifty are 42800 and 43600 respectively.
Resistance: 17350, 17450, 17550
Support: 17250, 17150, 17050
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