The Indian equity market rose to new record high during the mid-afternoon trade session on Thursday as the NSE Nifty50 crossed the 14,000 mark for the first time ever.
The index touched a record high of 14,024.85 points amid a largely subdued trade. BSE Sensex also hit a fresh high of 47,896.97 points.
As per analysts, FIIs continued their buying streak and cumulatively bought more than Rs 47,000 crore worth of equities in December.
The continuous buying, barring one session has supported the index at higher zones, they said.
Among sectors, marginal losses were witnessed in the IT, Banking, FMCG and Metal indices.
However, Realty, Pharma, Auto, Financial Services and Media space traded in the green.
At 2.05 p.m., the S&P BSE Sensex traded at 47,877.94 points, higher by 131.72 points or 0.28 per cent from its previous close.
Nifty traded at 14,014 points, higher by 32.05 points or 0.23 per cent from its previous close.
“Nifty opened flat but continued its positive momentum to cross record high of 14,000 and cheered the expiry,” said Jay Purohit, Technical & Derivatives Analyst, Motilal Oswal Financial Services.
“Considering overall chart structure and derivatives data, we are expecting Nifty to move towards 14,200 zone in coming days. While support can be seen at 13,860 – 13,800 zone. On stocks front, traders can look for buying opportunities in Eicher Motors, HDFC, Bajaj Finance, Divis Lab and ICICI Bank.”
According to Gaurav Garg, Head of Research at CapitalVia Global Research:
“Indian shares hovered around record highs as investors globally bet on a speedy economic recovery in 2021 amid Covid-19 vaccine rollouts.”