Nifty nears record high as markets climb steadily on global cues, Bank Nifty hits fresh lifetime high

Nifty, Sensex came within close distance of their respective all-time highs in trade today.

After a soft start, Nifty and Sensex steadily climbed through the day, with gains accelerating post-noon on November 20, echoing strong cues from global markets in a positive, upward-trending session with sustained buying interest.

At close, the Sensex was up 446.21 points or 0.52 percent at 85,632.68, and the Nifty was up 139.50 points or 0.54 percent at 26,192.15. About 1759 shares advanced, 2221 shares declined, and 165 shares unchanged.

In trade today, the Nifty 50 briefly approached the 26,250 zone, just shy of its all-time high, before settling slightly lower, under the 26,200 mark but still firmly in the green. The Nifty 50 topped the 26,200 for the first time in 14 months.

Further, the Bank Nifty index also recorded a fresh lifetime high at 59,440.10, with HDFC Bank and Axis Bank powering the gains.

Sectoral trends were mixed, with most major indices ending in the green while a few pockets lagged. Financials outperformed, with Nifty Financial Services rising the most at 0.72 percent, followed by gains in Oil & Gas (0.59 percent), Auto (0.44 percent) and Private Bank (0.34 percent). FMCG, IT and Realty saw only marginal moves.

On the downside, Media was the biggest loser with a 1.56 percent drop, while Consumer Durables, Pharma and Healthcare also ended slightly lower. Overall, the market breadth leaned positive despite selective sectoral pressure.

"The bullish trend in the market is likely to sustain aided by positive triggers. At the fundamental level the picture of ‘strong macros but weak micros’ at the beginning of the year is changing to ‘ strong macros and improving micros’. This fundamental support is aided by the change in perception towards India by leading global banks who now consider India fairly valued and buyable in the context of a resilient economy and improving corporate earnings," said VK Vijayakumar, Chief Investment Strategist, Geojit Investments.

He added that the weakening AI trade is another positive for India which can be regarded as an anti-AI trade. FIIs turning buyers in the cash market yesterday is a reflection of this changing perception towards India.

"In the market, this is likely to manifest in preference for and outperformance of largecaps, particularly over small caps whose valuations are hard to justify even after the correction. Bank Nifty, despite the recent run up, has more room to rally since fundamentals and valuations are supportive."

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