NIFTY50 & SENSEX hit new highs; NIFTY IT takes the lead

Indian indices jumped to a fresh record high, with the SENSEX and NIFTY50 climbing over 1% to 80,893 and 24,592, respectively.

Key losers in the NIFTY included Divis Labs (-1.7%), Asian Paints (-0.9%), and Maruti Suzuki (-0.7%), respectively.

Among the sectoral indices, NIFTY IT (+4.3%) and Media (+3.2%) were the top two gainers and NIFTY Realty (-1.1%) and NIFTY Healthcare (-0.32%) were the top two losers.

Among Nifty contributors, Infosys was the most significant, adding about 46 points to the index, courtesy its bigger weight, while TCS contributed 43 points. Heavyweight Reliance added 18 points despite its modest 0.7% jump. Asian Paints was the biggest dragger, at -4 points.

Among buzzing stocks, IREDA jumped 6% ahead of its quarterly results, Adani Wilmar rose over 1% after acquiring a speciality chemicals firm, and Power Finance Corporation (PFC) rose for the fifth straight day as the government appointed Sandeep Kumar as Director of Finance.

At a technical level, the Nifty is in an uptrend on the 15-minute chart, according to the supertrend indicator. The MACD chart also has a positive crossover, while its RSI trades at 80.

According to Fibonacci pivot levels, the Nifty has immediate support at 24,224, while it may encounter resistance at 24,513.

The NIFTY50 is up 12.6% year-to-date and is among the top major indices globally.