Nifty, Sensex End At Record High As Maruti Suzuki, ICICI Bank Lead: Market Wrap

India's equity benchmark indices rebounded sharply to end at a record high on Tuesday as shares of Maruti Suzuki India Ltd. and ICICI Bank Ltd. led gains.

The NSE Nifty 50 settled 112.65 points, or 0.46% higher at 24,433.20, and the S&P BSE Sensex ended up 391.26 points, or 0.49% at 80,351.64.

Intraday, Nifty rose 0.51% to a fresh high of 24,443.60, and Sensex rose 0.55% to 80,397.17.

There was divergence as mid- and small-caps remained rangebound throughout the day and major buying traction was seen in the index stocks, particularly in the auto counters, which helped the Nifty, said Aditya Gaggar, director, Progressive Share Brokers Pvt.

Pharma and the public sector undertaking banking sectors also outperformed, while information technology was the major laggard, he said. "The index has breached its previous high convincingly, by forming a big green candle and opening the door for further rallying towards the 24,520–24,600 zone, while 24,340 will be considered strong immediate support."

Shares of Maruti Suzuki India Ltd., ICICI Bank Ltd., ITC Ltd., Mahindra & Mahindra Ltd., and Larsen & Toubro Ltd. positively contributed to changes in the Nifty.

While those of Reliance Industries Ltd., Infosys Ltd., Tata Consultancy Services Ltd., Oil & Natural Gas Corp., and Bajaj Finance Ltd. limited gains in the index.

On NSE, nine out of 12 sectors advanced and three declined. The NSE Nifty Auto rose the most, followed by the NSE Nifty Pharma. While the NSE Nifty IT declined the most.

Broader markets ended higher but underperformed benchmark indices. The S&P BSE Midcap ended up 0.36% and the S&P BSE Smallcap gained 0.22%.

On BSE, 15 out of 20 sectors advanced and five declined. S&P BSE Consumer Durables was the best-performing sector, while S&P BSE Telecommunication was the worst-performing sector.

Market breadth was skewed in the favour of buyers. Around 2,021 stocks rose, 1,913 fell, and 92 remained unchanged on the BSE.