The benchmark equity indices extended their rally for a third consecutive day on Thursday to close at their highest levels as macro data uplifted the sentiment. Various data points, including a one-year low retail inflation in May, as well as the index of industrial production and the softer-than-expected US inflation, also added to the positive sentiment.
The NSE Nifty 50 closed 75.95 points or 0.33%, up at 23398.90, while the S&P BSE Sensex ended 204.33 points or 0.27%, higher at 76810.90. During the day, the Nifty recorded a new intraday high of 23,481.05 points and the Sensex also hit a record high of 23,481.05.
The short covering can set in once the Nifty crosses 23,500 and it will take the Nifty to 23,700, according to Rajesh Palviya, senior vice president of technical and derivatives research at Axis Securities. "For Bank Nifty, the major support zone is placed at the 50,000 mark. It may remain in consolidation until it takes out that level," he said.
.jpeg)
Shares of Larsen & Toubro Ltd., HDFC Bank Ltd., Mahindra & Mahindra Ltd., Tata Consultancy Services Ltd. and Titan Co. contributed the most to the gains in the Nifty.
ICICI Bank Ltd., Hindustan Unilever Ltd., Axis Bank Ltd., Bharti Airtel Ltd., and ITC Ltd. capped the upside.
.jpeg)
Seven out of the 12 sectoral indices on the NSE ended higher, with the Nifty Realty rising the most.
The broader markets outperformed the benchmark indices, as the BSE MidCap and the SmallCap settled 0.79% and 0.89% higher, respectively.
Fifteen out of the 20 sectoral indices on the BSE advanced, with real estate rising the most and utilities falling the most.
The market breadth was skewed in favour of the buyers as 2,353 stocks rose, 1,536 fell and 95 remained unchanged on the BSE.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
