Sensex and Nifty surge to new all-time highs

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A historical week for Indian markets! Both Sensex and Nifty climbed crucial psychological peaks surging over 9 percent in the week that ended on February 5. The S&P BSE Sensex climbed Mount 51K in intraday trade while the Nifty50 climbed above 15000 levels for the first time.

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The S&P BSE Sensex hit a peak of 51,073, while the Nifty50 surged to a high of 15,014 in the week gone by. However, the broader markets underperformed.

The S&P BSE Sensex rose 9.6 percent while the Nifty50 gained 9.4 percent. compared to the 7.3 percent rise seen in the S&P BSE Midcap index, and 6.1 percent gain seen in the S&P BSE Smallcap index.

S&P BSE 500 index managed to beat the benchmarks

Despite the mammoth rally, more than 100 stocks in the S&P BSE 500 index managed to beat the benchmarks, rising 10-40 percent in the same timeframe. Among the top gainers, 18 stocks rallied over 20 percent each in five sessions. These include Indian Bank, NCC, SBI, Shriram City Union Finance, IIFL Finance, Apollo Tyres, Bank of Baroda, IndusInd Bank, and Minda Industries.

Meanwhile, 126 stocks rose over 10 percent in each of the last five trading sessions.

Positive global cues, Budget push, buying by foreign institutional investors, strong corporate earnings from India Inc, as well as the dovish outlook from the MPC Meeting are some of the factors that fuelled the risk-on rally.

A market friendly Budget got investors out of their blues and created confidence in India’s growth story which led to a rally in benchmark indices Foreign institutional investors have poured in more than Rs 13500 crore in the cash segment of the Indian equity markets so far in February.

Sensex and Nifty 50 formed a Small Bodied candle on the daily scale but continues its higher highs – higher lows formation of the last five sessions, which is a positive sign for the bulls.

bullish momentum towards 15,250-15,500 levels

Now, the Nifty50 has to continue to hold above 14,864 zones to continue its bullish momentum towards 15,250-15,500 levels. Support can be seen around 14400 levels, suggest experts.

Shah further added that midcaps are expected to outperform after three weeks of decline was regained in a single week. Quality stocks like Kotak Bank, Lupin, Trent, Matrimony, Amber and Timken India look attractive

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