Nifty Surges Nearly 200 Points to Close at All-Time High on Broad-Based Buying

Mr. Nandish Shah - Deputy Vice President, HDFC Securities

Nifty extended its winning streak for the third consecutive session, rallying 182 points to settle at a fresh record high of 26,328. After a mildly positive start, index steadily gained momentum through the day, hitting a new peak of 26,340 before closing near the day's high. Turnover on the NSE's cash segment was robust, rising 28% over the previous session, reflecting heightened market participation. On a weekly basis, Nifty advanced 1.10%, reinforcing the prevailing bullish undertone.

Coal India, NTPC, and Hindalco led the charge, emerging as the top gainers in the Nifty basket. Meanwhile, ITC, Kotak Mahindra Bank, and Nestle came under selling pressure, ranking among the key laggards. On the sectoral front, all indices except Nifty FMCG ended in the green, with Realty, PSU Bank, and Metal indices leading the gains.

Broader market strength remained evident, with the Nifty Midcap 100 advancing 1% to close at all-time high, while the Nifty Smallcap Index climbed 0.70%. Market breadth stayed firmly positive for the third straight session, with an advance-decline ratio of 1.93 on the BSE.

The Indian rupee extended its slide for the third consecutive session, weakening 24 paise to settle at 90.24 against the US dollar, at two-week low. The currency's decline was largely driven by sustained dollar strength and persistent foreign outflows from domestic equities.

Nifty has now convincingly surpassed the previous swing-high barriers at 26,236 and 26,325, signaling a strong breakout from its earlier consolidation zone. With the index entering uncharted territory, the near-term upside opens toward 26,500 and beyond. On the downside, immediate support has shifted higher to around 26,100, which is likely to act as a near-term cushion on any dips.

Source : Equity Bulls

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