Nifty hit a fresh record high on May 28 on the back of positive Asian cues and falling coronavirus cases in the country.
At the time of writing this report, Sensex is up 266.36 points or 0.52 percent at 51381.58, and the Nifty gained 90.50 points or 0.59 percent at 15428.40.
Metals along with oil & gas stocks edged highee intraday with the indices adding over a percent each.
"Nifty is maintaining its bullish trajectory. Since we have been able to close above the 15,300 levels yesterday, the trend has become stronger and we should now be headed to 15,600 as the next target. The level of 15,000 continues to remain the support for the markets," said Manish Hathiramani, Proprietary Index Trader and Technical Analyst, Deen Dayal Investments.
Nifty Energy is one of the top-performing sectors led by Reliance Industries which jumped over 3 percent followed by Bharat Petroleum Corporation (BPCL) which added 2 percent.
The government may tweak FDI policy to allow 100 percent Foriegn Direct Investment (FDI) in BPCL. A consensus has been built up among concerned ministries, and a final decision may be taken very soon, even before the financial bids open.
According to the sources, the government is planning to amend the FDI policy and FEMA provisions accordingly, so that 100 percent FDI may be allowed through the automatic route in BPCL.
Among the metal names, Hindustan Copper jumped over 4 percent followed by Tata Steel, Jindal Steel & Power, JSW Steel and MOIL which added over 2 percent each.
Over 150 stocks have hit a 52-week high on NSE and 252 stocks have hit a fresh 52-week high on BSE including names like ABB, Sonata Software, State Bank of India, V Guard Industries and Bharat Forge among others.
The top index gainers included Reliance Industries followed by Tata Steel, JSW Steel and ONGC which gained 2-3 percent each while SBI, RIL and Sun Pharma are the most active stocks.
According to research and broking firm Way2Wealth Research, going forward, the level of 15431 would act as a crucial resistance. A cross above 15,431 would start a fresh leg of the rally. While on the downside trend line supports are placed around 15250 levels.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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