Market Opening: Market rally continues for the second day in the week as Sensex jumps 169.94 points to fresh peak of 69,035.06 in early trade while Nifty climbs 52.60 points to hit record high of 20,739.40.
This is the first time sensex has crossed the 69,000 mark. The rally was led by banking stocks with the Nifty Bank hitting an all-time high on 46,933.15 points.
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"The Bank Nifty has crossed an all-time high of 46400, which is a big positive for the index. It could help the index move higher towards the level of 48000, with major resistance at 47000. Support would be at 46000 and 45800. Buying on dips is a prudent strategy", said Shrikant Chouhan – Head Equity Research, Kotak Securities.
Shares of HDFC Bank Ltd., Axis Bank Ltd., Adani Enterprises Ltd., Reliance Industries Ltd., and ICICI Bank Ltd. gained the most while Infosys Ltd., HCL Technologies Ltd., Larsen & Toubro Ltd., Bajaj Auto Ltd., and Bajaj Finserv Ltd. capped the upside. About 2,064 stocks rose and 873 declined while 115 remained unchanged on the BSE.