The 30-share Sensex opened at a new high of 74,555.44, up 307 points, or 0.41 per cent. It reached a high of 74,658.95 in the morning trades. The Nifty opened at 22,578.35 compared to previous close of 22,513.7. The index touched a new peak of 22,623,9 in the morning trades.
Market experts say that the ongoing bull run in India is unparalleled in terms of wealth generation, yet caution is advised due to the sustained upward trend and frothy valuations.
Newer indices like Midcap have lower liquidity, meaning even moderate selling pressure may not be readily absorbed causing abrupt spikes, said market experts.
The index is expected to revolve in the range of 22,350-22,550 for the near-term period, while any breach above 22,550 will trigger short covering towards 22,700 plus levels in the coming truncated week