The benchmark stock indices recorded their best closing on Monday, with the NSE Nifty 50 extending gains for the 13th consecutive session—its longest run in decades—and the S&P BSE Sensex rising for the 10th consecutive session.
The Nifty closed 42.80 points or 0.17%, higher at 25,278.70, and the Sensex closed 194.07 points or 0.24%, up at 82,559.84. Intraday, the Nifty hit a new record high of 25,333.60 and the Sensex touched a fresh lifetime high of 82,725.28.
However, the Nifty's incremental gains showed signs of fatigue as options data indicate heavy call writing at 25,300 for the weekly expiry, according to Kush Bohra, founder of investment advisory firm KushBohra.com. "Despite the bullish trend, consider booking profits from this stellar run and reinvesting at a dip. Prudence dictates locking in gains and rebalancing positions."
Shares of ITC Ltd., Bajaj Finance Ltd., Infosys Ltd., and Reliance Industries Ltd. contributed the most to the gains in the Nifty.
HDFC Bank Ltd., Tata Motors Ltd., and Bharti Airtel Ltd. weighed on the index the most.
Most sectoral indices ended higher on the NSE, with the Nifty FMCG rising the most.
The broader indices underperformed as the BSE MidCap ended flat and the SmallCap closed 0.5% down.
Thirteen out of the 20 sectoral indices on the BSE fell, with Metal falling the most.
The market breadth was skewed in the favour of sellers as 2,255 stocks fell, 1,782 rose, and 149 remained unchanged on the BSE.
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