Sensex and Nifty hit all-time high; IRCTC dream-run continues as stock gains over 270 per cent on YTD basis
IRCTC has proved to be a bullet train for the shareholders
Market Update at 10:35 AM: After a gap-up opening, the Indian markets have extended their lead with Nifty inching closer to the 18,300 mark, trading up by over 0.6 per cent while Sensex is trading above the important psychological mark of 61,000.
Buying interest was seen in the broader markets as well with Nifty Midcap 100 and Smallcap 100 gaining 0.98 per cent & 0.69 per cent, respectively.
Among the stock-specific action, IRCTC has proved to be a bullet train for the shareholders as the stock scaled to fresh highs and delivered returns of nearly 274 per cent on a YTD basis.
The Indian benchmark indices witnessed a stellar rally on Wednesday as both Sensex and Nifty scaled to record fresh highs, courtesy rally in the auto & metal stocks. Nifty Auto index jumped more than 3 per cent while the metal index rose by 1.46 per cent.
Mixed performance was seen in the broader markets with Nifty Midcap 100 gaining over 1.5 per cent while on the flip side, Nifty Smallcap ended marginally below the neutral line. Nifty Midcap logged a fresh all-time high on Wednesday. The overall market breadth was tilted in the favour of advances.
Nifty opened Wednesday’s session with a gap-up and went on to touch a fresh all-time high of 18,197.80 while in the last leg of the trade, it trimmed its gains and settled with gains of 0.94 per cent at 18,161.75. As a result, it formed a bullish candle with a gap-up on the daily chart; however, the candle carried minor shadows on both sides.
Though the markets hit an all-time high on Wednesday, the shareholders of Tata Group stocks were having an early Diwali celebration as almost all the companies of Tata Group were on a roll. Tata Motors gained the most as it jumped over 20 per cent.
The index has managed to close above the upper Bollinger Band and started band walk, which is a very bullish sign. Going forward, the important support for the index is placed at the gap area (18,008.65-18,050.75) of Wednesday, and as long as the index trades above this level, be with a bullish bias. On the upside, the index is likely to test the levels of 18,280-18,400.