Nifty Closes At New Record; Sensex Sees Best Winning Rally In Four Months: Market Wrap
Most sectoral indices on the NSE closed higher, with Realty and Metal rising the most.
The NSE Nifty 50 recovered from the previous session's fall and the S&P BSE Sensex logged its best winning streak in four months to close at their highest levels as Reliance Industries Ltd. and private banks led the gains.
The Nifty ended 51 points or 0.22%, up at 23,567, while the Sensex closed 141.34 points or 0.18%, up at 77,478.93. During the day, both indices gained over 0.4%.
"With a spinning-top candlestick pattern, nothing has changed for the Nifty 50. The lower side is protected at 23,340, while 23,660 will be considered resistance," Aditya Gaggar, director of Progressive Share Brokers, said. "For the past couple of days, the index has been oscillating in a range; a breakout on either side will provide a clear direction."
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Shares of Reliance Industries Ltd., ICICI Bank Ltd., HDFC Bank Ltd., Axis Bank Ltd., and Kotak Mahindra Bank Ltd. contributed the most to the gains in the Nifty.
Mahindra & Mahindra Ltd., Sun Pharmaceutical Industries Ltd., Bharti Airtel Ltd., State Bank of India, and NTPC Ltd. weighed the most.
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Most sectoral indices on the NSE closed higher, with Realty and Metal rising the most.
The broader markets outperformed the benchmark indices as the BSE MidCap and the SmallCap settled 0.55% and 1% higher respectively.
On the BSE, 13 sectors out of the 20 sectors declined, with Realty rising the most and Auto falling the most.
The market breadth was skewed in favour of the buyers as 2,291 stocks advanced, 1,546 declined, and 138 remained unchanged on the BSE.
