Can Nifty sustain its momentum after scaling fresh all-time highs?
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Mumbai: India's benchmark indices closed at record highs on Friday-the second trading session of the new year-tracking the upmoves in the rest of Asia. NSE's Nifty50 rose 182 points or 0.7% to close at 26,328.55. BSE's Sensex rose 573.4 points or 0.7% to end at 85,762. Both indices have notched up roughly 1.1% and 0.9%, respectively, of weekly gains-their best weekly performances in seven weeks. The equity gauges had last hit all-time highs in late November and early December, but the momentum failed to sustain as investors have been on edge in the face of a declining rupee and risk-off sentiment among foreigners. The indices have been stuck in a tight band in the past two months. "Usually, after a longer range-bound phase, the market tends to see sharp buying once momentum picks up, which was seen on Friday," said Chandan Taparia, head of technical and derivatives research at Motilal Oswal Financial Services. If ...