Latest stock market news: Nifty, Bank Nifty set to hit all-time highs, says expert
The IT giant TCS gained over 1 percent on the Sensex and started the proceeding as a top gainer. On the other hand, Infosys opened down 0.94 percent on another set of whistleblower allegations on CEO Salil Parekh.
The benchmark 30 share index, Sensex opened at 40,320 levels on Wednesday. On the NSE, the Nifty50 was hovering around 11,900-mark, at 11,930. As far as sectors are concerned, all major indices were trading in the green with the Nifty Realty index (up 0.7 percent) being a top gainer and Nifty Media index (down over 1 percent) as the top loser. The IT giant TCS gained over 1 percent on the Sensex and started the proceeding as a top gainer. On the other hand, Infosys opened down 0.94 percent on another set of whistleblower allegations on CEO Salil Parekh.
Manav Chopra, CMT, Head Research - Equity, Indiabulls Ventures told Zee Business Online, ''Nifty index currently is witnessing a phase of consolidation. The broader trend continues to remain positive and traders should utilize dips towards the support zone to build long positions. Overall we continue to maintain our positive view on the index for new all-time highs above 12,100.''
In the broader market, the S&P BSE mid-cap index advanced 0.32 percent higher in the early deals. The S&P BSE small-cap index, however, slipped 0.11 percent. Meanwhile, there are about 700 companies including ABB, Bata, BHEL, IRCTC, and SpiceJet are slated to report their September quarter results today.
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''Bank Nifty relatively performed better in the last trade. In the near term, 30,400-30,600 is the support zone for the Bank Nifty, breach of the support zone can trigger a sharp profit booking towards the next support of 29,700. A near term consolidation phase cannot be ruled out. The broader uptrend continues to remain intact and overall fresh all-time highs for the Bank Nifty is on the cards,'' he added.
Asian stocks and Wall Street futures, on the other hand, fell on Wednesday after US President Donald Trump said a trade deal was 'close' but gave no further details.
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