Indian benchmark indices ended on positive note for the third straight session on June 7 with BSE Sensex hitting all-time high while Nifty 50 index inched closer to its record high level.
After a flat start, the market extended the gains and ended 2 percent higher and also recorded the biggest weekly gain in 2024 amid volatility.
Reserve Bank of India (RBI), in its latest policy meeting, has kept key rates unchanged for the eighth time in a row and increased growth forecast for FY25 to 7.2 percent.
At close, the Sensex was up 1,618.85 points, or 2.16 percent, at 76,693.36, and the Nifty was up 468.80 points, or 2.05 percent, at 23,290.20. About 2,747 shares advanced, 951 shares declined, and 105 shares unchanged.
Biggest gainers included M&M, Wipro, Tech Mahindra, Infosys and UltraTech Cement, while losers were SBI Life Insurance and Tata Consumer Products.
All the sectoral indices ended in the green with auto, IT, power, telecom, metal up 2-3 percent.
The BSE midcap index gained 1.2 percent while the smallcap index rose 2 percent.
Outlook for June 10
Rupak De, Senior Technical Analyst, LKP Securities
The Nifty moved up significantly after a flat closing in the previous trading session. The short-term trend looks very positive as the index closed near an all-time high. Going forward, the market remains a buy on dips as long as 23000 is not broken. On the higher end, the index might move towards 23500-23600. On the lower end, profit booking might occur only below 23000.
Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas
Nifty opened on a flat note and inched higher throughout the day to close with a gain of 469 points. On the daily charts we can observe that the Nifty has been inching higher after a sharp decline on Tuesday earlier during this week. It has recovered all the lost ground and is within touching distance of previous all-time high of 23338. The V shape recovery has put the structure in the Favor of bulls and dips towards support zone 22800 – 22700 should be used as a buying opportunity. On the upside the psychological level of 23500 is likely to attract some profit booking at higher levels.
Bank Nifty also witnessed continuation of the pullback and however is lagging as it is still far away from its previous all-time high of 51133. The pullback is likely to continue and in the case of a dip towards 49500 – 49000 it should be used as a buying opportunity. On the upside, 51133 shall act as an immediate hurdle from short term perspective.
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