As RIL, HDFC Bank rally Sensex closes in on 50,000?

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As RIL, HDFC Bank rally Sensex closes in on 50,000?

The strong gains in the heavy markets of Reliance Industries and HDFC Bank have strengthened Indian stocks to another record high today. Nifty increased 0.54% to 14,563 and Sensex on the bench increased 0.5% to 49,517. Relief Industries received 3.2% and HDFC Bank 2% as investors looked beyond the major bank report warning of an increase in interest rates among lenders.

The Nifty bank index, which dropped by about 1% in the morning program, ended at 1.1%, while the public sector banking index Nifty hit more than 10 months, up 6%.

On Monday, the RBI reported that indebtedness to Indian banks could rise from 7.5% in September 2020 to 14.8% under severe pressure.

“Today, stock markets, especially PSU banks, have shown strong support for the market to overcome the 14500-strong psychological barrier. Bank-Nifty has 215 points left to reach a high of 32613.10. The Nifty 50 / Sensex index has covered a lot of uncertain candlestick formation, which suggests it is being looked forward to, “said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.

“The trend around the market clearly shows that the broader market situation is still very strong. In the short term, it is speculated that the trend would remain uncertain due to concerns about rising green prices and the dollar, but traders should try to find market opportunities until negative returns appear on the daily chart. could help Sensex reach a peak of 50,000 in the near future, “he added.

Elsewhere in the market, shares of Gail (India) Ltd account for 4% after the state-owned power company said it would consider a shareholding proposal. Tata Motors has risen 7.7%, driven by a double digit increase in China’s sales of its luxury Jaguar Land Rover (JLR).

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