Banking Boost: Nifty Bank Soars Past 53,000 as Markets Touch New Peaks

Indian indices opened at record highs but pared gains. SENSEX and NIFTY50 up slightly. Nifty Bank surged past 53,000, up 1.75%. NIFTY expected to trade between 24,200-24,300 based on options data.
Banking Boost: Nifty Bank Soars Past 53,000 as Markets Touch New Peaks

Indian benchmark indices opened at record highs on Wednesday but trimmed gains, with SENSEX and NIFTY50 up 0.53% and 0.55% respectively. Nifty Bank outperformed, surging past 53,000 and trading 1.75% higher. Option data suggests NIFTY might trade between 24,200 and 24,300.

Financial Services, Banking, and Pharma stocks led the rally. Nifty Financial Services and Nifty Bank hit fresh all-time highs, while Nifty Pharma also gained. Broader markets showed buying interest, with Nifty Midcap 100 and Smallcap 100 indices trading higher.

Top NIFTY50 gainers included Tata Consumer, HDFC Bank, and Dr Reddy, while TCS, Reliance, and Hindalco were the major losers. Sector-wise, Nifty Financial Service and Nifty Bank led gains, while Nifty Oil & Gas was the top loser.

Market breadth was strong with 1,664 advancing stocks against 664 declining. Most sectoral indices traded in green. The Dow Jones Futures remained flat at 39,678 as investors awaited the Fed’s June meeting minutes.

NIFTY options saw significant additions in open interest, with 52 lakh shares added at 24,200 PE and 39 lakh shares at 24,300 CE strike prices. This activity suggests a potential trading range for the index, providing insights for market participants.

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