Nifty hits an all time high as Bajaj Finance shares soar

Updated : May 03, 2024 11:47
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Editorji News Desk

Benchmark indices Sensex and Nifty opened on a strong note on Friday. Supported by positive global cues and and a jump in shares of Bajaj Finance after the Reserve Bank of India (RBI) lifted restrictions on two of its lending products, Nifty hit an all time high.

Nifty Ascends

Benchmark index Nifty 50 hit a new all-time high of 22,787 on Friday morning, while Sensex was just 37 points away from its record high. Though volatility remained on the higher side, all the other broader market indices were also trading in the positive territory. 

Among sectoral indices, Nifty Financial Services rose due to the rise in shares of Bajaj Finance and Bajaj Finserv. However, Nifty Metal was the top gainer as it was the only sectoral index that rose over 1%.

Moneycontrol quoted Sameet Chavan, Head Research, Technical and Derivative - Angel One and said that the path to Nifty's 23,000-mark is achievable after the index conquered 22,780-22,800 range. "The immediate support will shift higher towards the 22,550-22,500 mark, followed by 22,400," he added.

Bajaj Finance shares ascend

Bajaj Finance shares gained as much as 7% in early trade. This follows a stock exchange filing on Thursday where it announced that the RBI had lifted restrictions on two lending products. As a result the shares of Bajaj Finserv also gained. 

"The removal of restrictions on Bajaj Finance's eCOM adds to the upbeat market sentiment. Investors are eagerly awaiting the US jobs report for April and keeping an eye on Q4 corporate earnings from India Inc. Technical analysis points to Nifty potentially surpassing the psychological 23,000 mark, with significant support and resistance levels outlined." said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd

"The recommended trades for Nifty and Bank Nifty are provided, along with optimistic sentiments regarding select stocks like COAL INDIA and TATA MOTORS. Also, IRCTC emerges as a standout pick due to its promising momentum prospects," he added

Also Read: BSE shares decline 18%, highest since listing over regulatory fee payment

 

Nifty

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