Stocks

As Sensex climbs Mount 33K, 46 stocks hit fresh record high on BSE

As Sensex climbs Mount 33K, 46 stocks hit fresh record high on BSE

The S&P BSE Sensex created history on Wednesday after it surpassed its previous record high of 32,699 by rallying more than 500 points in trade to hit a fresh record high of 33,117.33.

The rally was led by financials after the Indian government unveiled a massive Rs 2.11 lakh crore recapitalisation plan for public sector banks spread over two years in a bid to support credit growth, aide private investment and revive growth in Asia’s third-largest economy.

Banking and financial stocks constitute nearly 40 percent of the index weight; hence, any big move in shares like SBI, ICICI Bank, HDFC Bank will support the rally. Among the Sensex names, SBI and PNB hit their respective 52-week highs.

There was plenty of action in mid & smallcap stocks as 116 stocks hit fresh 52-week high on the BSE while 46 stocks rose to fresh record highs on Wednesday.

Stocks which rose to fresh record highs include names like Raymond, Dilip Buildcon, KRBL, KIOCL, Ashiana Ispat Ltd, Kisan Moulding Ltd, Trident Texofab Ltd, Darjeeling Ropeway, Shree Karthik Papers, Hindustan Adhesives Ltd etc. among others.

The Nifty50 also raced to a fresh record high of 10,340 surpassing its previous record high led by SBI, ICICI Bank, Axis Bank, L&T and UltraTech Cements.

As many as 63 stocks on the NSE hit fresh 52-week highs which include names like Jubilant FoodWorks, Century Textiles, Raymond, Bharti Airtel, Bajaj Corp, Canara Bank, VIP Industries, Hexaware Technologies etc. among others.

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Derivative data indicates bullish scenario to continue in Nifty with multiple strong supports at lower levels. Various supports on the downside lie at 10150, 10100 & 10050 spot levels.

Currently, Nifty is moving higher with a decent addition in the open interest which suggests strength in the current trend as option writers were active in the recent rally, suggest experts.

“We have seen put writing in 10,000, 10,100 & 10200 puts along with unwinding in calls. October series derivative data is stronger than September series as we have been continuously seeing open interest addition post-expiry,” Shitij Gandhi, Senior Research Analyst, SMC Global Securities Ltd.

“On the technical front, 10150-10100 spot levels are strong support zone and the current trend is likely to continue towards 10,275-10,300 in the coming sessions,” he said.

[“Source-moneycontrol”]

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