Nifty (Nifty-50) crossed the mark of 16 thousand today. After the fall in the global market, today (03 August 2021) Nifty-50 touched a record high of 16,025 by registering a gain of 140 points. The bullish sentiment of the market is surprising everyone amid rising inflation and fears of a third wave of COVID-19. Sensex is also at new highs.
BSE small and mid cap index at record high
If you look at today’s market, you will find that the BSE Small and Mid Cap Small Index showed a record high. The mid-cap index of BSE reached 23,442 points, while the small cap touched the figure of 27,232. Sun Pharma, HDFC Limited, Bharti Airtel and IndusInd Bank were the top gainers in the Sensex. There was heavy buying in consumer durables, IT stocks on BSE. The BSE IT index also climbed 281 points to reach 31,478 points.
Pharma, Metal and IT indices are good buys in Nifty
There was good buying in pharma stocks in Nifty. Sun Pharma and Lupine were both doing good business. Nifty Metal Index contributed a lot in bringing Nifty to the level of 15 thousand to 16 thousand. After this, there was an increase in IT stocks. According to experts, 16,050 can now be the new high of Nifty. If Nifty remains above 16 thousand then 16,100 to 16,150-16,200 can act as resistance.
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This is the reason for the speed in the market
Even though the global sentiment may not be as strong, domestic indicators gave impetus to the market. GST collection in July was more than Rs 1 lakh crore. In July, it stood at Rs 1,16,393 crore, which is 33 per cent higher than last year’s collection of Rs 87,422 crore in the month of July. The second reason for the rise of the market was the good performance of the core sector. In June, it grew at a rate of 8.9 per cent. The export of goods in July grew by 47.9 per cent as compared to July last year. Similarly, the profits of the companies were also according to the market expectations. At present, from all the technical indicators, it seems that the market will see momentum going forward.