Mumbai, Aug 31 (IANS) | The Indian stock market on Tuesday achieved a new high in record time. BSE Sensex and Nifty 50 both hit new all-time highs. The BSE Sensex crossed the 57,000-mark and touched a record high of 57,625.26, while the Nifty 50 touched the 17,000-mark for the first time in its history on the National Stock Exchange. It touched an all-time high of 17,153.50 during the day.
This was the sharpest gain of 1,000 points for the Nifty 50. Indices have moved from 16,000 to 17,000 in just 28 days. Growth was reported across the board, led by the telecom, IT and health sectors. The Sensex closed at 57,552.39, up 662.63 points or 1.16 per cent from its previous close of 56,889.76 points. It opened at 56,995.15 and recorded an intra-day low of 56,859.10. Nifty closed at 17,132.20, up 201.15 points or 1.19 per cent from its previous close.
Rahul Sharma, Co-Founder, Equity99 said, “Nifty is crossing all intermediate, high and hurdles to touch a new all-time high of 17,132. All parameters on the technical charts are on a bullish side.” The stock is expected to move higher towards 17,200-17,225 and 17,300 levels with support from Midcap and Nifty Bank. He said the Nifty declined, but after the 17,000 and 16,900 levels, the position was strengthened with immediate support at 17,075.
Santosh Meena, Head of Research, Swastika Investmart said, “We are outperforming global markets where Nifty move above 17,000 pushed the bears on the back foot, leading to a huge short-covering rally today by FIIs. We were doing well despite the lack of purchases and we gained momentum when the FIIs started showing interest after Jerome Powell’s speech.” Bharti Airtel, Bajaj Finance and Bajaj Finserv were the top gainers on the Sensex, while Nestle India, IndusInd Bank and Reliance Industries saw losses.