Indian equity benchmark indices BSE Sensex and Nifty50 achieved lifetime highs in opening trade on Wednesday before slipping into the red.
The BSE Sensex soared to an all-time high of 80,481.36 points, while the Nifty50 reached a fresh peak of 24,461.05 points.
By 10:00 AM, the BSE Sensex was trading at 80,195.88, down 156 points or 0.19%, and the Nifty50 was at 24,397.40, down 36 points or 0.15%.
According to Nagaraj Shetti of HDFC Securities, the underlying trend for the Nifty remains positive. After surpassing the crucial overhead resistance at the 24,400 level (1.618% Fibonacci extension), the Nifty could potentially aim for another significant resistance level of 24,960 (1.786% Fibonacci extension) in the near future. The immediate support level is at 24,250.
"Overall, we expect markets to trade with a positive bias, taking cues from upcoming inflation data, Q1FY25 earnings, and the budget. The pharma sector is likely to remain in focus over the next few days due to comfortable valuations and the expectation of healthy earnings growth in Q1," said Siddhartha Khemka, Head of Retail Research at Motilal Oswal.
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