Sensex crossed the 74K mark after it gained more than 1000 points in a broad-based rally on Thursday. Sensex was trading at 74,044 points, up 1047 points or 1.44 per cent.
Among the Sensex stocks, Bajaj Fnserv is up more than 4 per cent, Bajaj Finance is up more than 3 per cent. M&M is up 3.3 per cent, SBI is up 2.8 per cent, Powergrid is up 2.5 per cent, L&T is up 2.3 per cent. More than 50 per cent of the stocks are advancing on the BSE.
Shiju Koothupalakkal - Technical Research Analyst, Prabhudas Lilladher, said the Nifty index has witnessed a significant rise from 17,360 level to touch the high of 22,525 level in the last financial year 2023-2024 gaining almost 29 per cent with currently hovering near the all-time high zone, maintaining a strong uptrend and has further scope of upward movement having higher targets of 22,700 and 23,200 levels for the medium-term time frame. As of now, the important near-term support zone would be around 21,900 levels.
V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said the upward directional move expected from early April has been confirmed by the strong rally in Nifty yesterday (Wednesday). The primary catalyst for the ongoing rally is the huge liquidity flows into the market. DIIs have pumped in a massive Rs 24,373 crore into the market during the last seven trading days imparting resilience to the market.
(With inputs from IANS)
