Stock Market Today: The record-breaking surge of the domestic indices NSE Nifty and BSE Sensex continued. For the sixth session in a row, the BSE Sensex increased to a record high by crossing the 63,500 mark. At 18,874, the NSE Nifty likewise reached a new high over 18,850. In the morning session, Bank Nifty also increased, crossing the 43,500 threshold and reaching a high of 43,515. With Nifty Midcap up 0.26% and Nifty Smallcap up 0.55%, the broader indices are also primarily trading in the green. The Nifty IT index rose 2.11%, with advances being led by TechM, Coforge, and L&T Technology Services.
US Central Bank would reduce the aggressive pace
Due to Federal Reserve Chairman Jerome Powell’s dovish tone in his address on Wednesday, US markets closed the day higher. The American indices sharply rallied after the Fed chair indicated that the US Central Bank would slow the rapid pace of rate hikes. The Dow Jones ended the day 2.18% higher and the Nasdaq rose 4.41%. Asian indexes are also increasing in trade as a result of following US market cues. With a 2.5% increase in its first hour of trading, the Hang Seng index in Hong Kong led gains in the area. The Nikkei 225 in Japan increased by 1.13%, while the Shanghai Composite in mainland China gained 1.29%. The Kospi index in South Korea increased 0.77% in morning trading.
Stock Market Today: Nifty target of 19,000 seen
The bulls are still in control of the market, and whenever it appears as though they might start to relax a bit, moves like yesterday materialise out of thin air. Since we have maintained an upbeat outlook, we are not at all surprised that the Nifty has reached a new milestone of 18800. Since the positioning has been rather solid and all significant dips are being bought into, it is advised to avoid falling for any intraday falls. Now that the majority of the heavyweight spaces are taking part in the move, we can describe this as a strong rally. What’s more, the broad end of the spectrum has finally begun to exhibit indications of waking up.
Consequently, the enchanted number of 19000 is now within striking distance. For the upcoming session, 18675–18600 should be viewed as immediate supports; on the other hand, 18900–19000 is the crucial level to be on the lookout for. Investors are encouraged to concentrate on equities in the cash section because they are likely to regain their momentum soon.
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