Markets Scale New Highs As Bulls Continue To Rule Dalal Street

Bulls seem to be on a run as markets continue to scale new highs. After closing at 36,984 yesterday (26 July), Sensex breached the 37,000 mark again by opening at 37,253 points as reported by NDTV Profit.

Sensex had breached the 37,000 mark yesterday for a brief period. However, today the Sensex has sustained and continued to operate above the 37,000 mark. At 2:52 pm, Sensex was trading at 37,346 points. On the other hand, National Stock Exchange (NSE) NIFTY has breached the 11,200 mark and scaled a new high.

ITC, Hero MotoCorp, ICICI Bank, Tata Steel and India Bulls Housing Finance were top gainers in the BSE Sensex-30. 29 out of the 50 stocks in NSE-50 are reported to have gained today. FMCG, metal, and banking stocks have been the major drivers of this uptake in the indices.

However market analysts are not confident about the sustenance of the indices. “As long as Nifty trades above the first line of defence placed near 11,000, it may continue to travel north," Dyaneshwar Padwal, AVP Technical Analysis, KIFS TradeCapital is quoted to have said.

As Indian stocks surge, other Asian stocks have failed to gain traction possibly due to the Sino-US trade war. Asian markets failed to surge despite signs of reconciliation between the US and Europe.