Nifty hits fresh record high amid Union Budget optimism

Mumbai: The Indian benchmark indices ended on a positive note on Friday as Nifty touched a fresh record high amid optimism over the upcoming Union Budget that is likely to be presented on July 22.

Among the top gainers on Nifty were Adani Ports, Eicher Motors, M&M and Shriram Finance while losers included TCS, Tech Mahindra, HCL Technologies and Wipro, among others.

While Sensex closed at 76,992 (up 181 points), Nifty ended the day at 23,465 (up 66 points) while hitting a new high during the trading.

The Nifty remained within the defined range of 23,300-23,500.

“On the higher end, a decisive move above 23,500 might lead to a sharp upside in the near term,” said market experts.

A near-term consolidation seems probable as domestic investors await cues from the upcoming Union Budget.

Meanwhile, the BSE midcap and smallcap gained 1 per cent each. The Bank Nifty continued its consolidation phase.

According to market experts, the Bank Nifty index needs to decisively surpass the 50,200 mark to confirm an upside breakout towards the 51,000 level.