Sensex Crosses A Record 64,000 Points, Nifty Breaches 19,000 Points For The First Time

Benchmark indices today surged to a new record lifetime highs, with the Sensex crossing the 64,000 points for the first time and Nifty breaching a record 19,000 points.

The top gainers among the stocks included in the Nifty50 index were Adani Enterprises, Adani Ports & SEZ, Grasim Industries, Eicher Motors, and Bajaj Finance.

Tata Motors, SBI, Bajaj Finance, Bajaj Finserv, Infosys, Titan, and ITC were in green when the Sensex opened, while Power Grid, Kotak Mahindra Bank, Axis Bank, Tech Mahindra, NPTC, and HCL Tech were in red. The market saw enormous delivery loads of HDFC twins. The $40 billion mega-merger between Housing Development Finance Corp. Ltd (HDFC) and HDFC Bank Ltd has been provisionally set for July 1.

A R Ramachandran, Co-founder & Trainer - Tips2trades said "Sensex looks bullish on the Daily charts with strong support at 62980. A daily close above resistance of 63570 could lead to a target of 64918 in the coming weeks."

Gaurav Bissa, VP, InCred Equities said "Nifty witnessed some retracement after failing to cross previous lifetime high levels a few days back. However, the index took support from its 21ema on daily charts which has been consistently giving support and pushing Nifty higher. Since then, the index was seen inching higher and gaining strength and finally managed to cross previous life high comfortably. The index is now expected to witness a hurdle around 19000 levels where strong call option writing was seen in the last couple of weeks. On the other hand, immediate support stands at 16650 where the previous swing low as well 21ema is placed."

"Sensex turned out to be the first benchmark index to hit a fresh lifetime high a few days back. This was followed by some retracement which was in line with global markets. Sensex was seen taking support from its 21ema on the daily charts which it didn't break since April 2023. Since then, the index was seen trying to gain strength and made a fresh lifetime high today. The index has a major hurdle at 64500 which is 21-month upward sloping trendline resistance whereas supports are placed at 62950 levels on the immediate basis," said Gaurav Bissa, VP, InCred Equities.

Vaibhav Kaushik, Research Analyst, GCL Broking said "As we can see since 2021 oct market is under strong consolidation. Now we think this is strong break out. Now sensex is ready to hit 70000 till Diwali . So keep it with sl of 61000."

Dr. Ravi Singh, Vice President and Head of Research, Share India said "Sensex is trading at record high taking cues slowdown in inflation, reduction in CAD and consistent foreign flows. The rally is mainly attributed by the robust growth in FMCG, IT, Pharma, Auto and Banking sector which will continue further also. The uptrend in the Sensex may touch to the levels of 65000 in near term."