Nifty Posts 34th Record This Year As Private Banks Rally: Market Wrap
During the session, the Nifty 50 companies' market capitalisation rose by Rs 92,000 crore.
A rally in banking and financial stocks pushed India's benchmark equity indices to another record on Tuesday amid strong domestic cues. The NSE Nifty 50 hit a fresh record for the 34th time this year, while the 1,000-point journey of the S&P BSE Sensex to cross the milestone of 78,000 was done in 11 sessions.
The Nifty closed 183.45 points, or 0.78%, higher at 23,721.30, while the Sensex ended 712.44 points, or 0.92%, up at 78,053.52. During the day, the Nifty rose as much as 0.92% to 23,754.1, while the Sensex advanced as high as 1.06% to 78,053.5.
The domestic market experienced a financial sector-driven rally, primarily led by private banks, according to Vinod Nair, head of research at Geojit Financial Services. "However, profit booking was evident in sectors such as realty, power, metals and mid-caps."
During the session, the Nifty 50 companies' market capitalisation rose by Rs 92,000 crore.
The Nifty Bank scaled past the 52,500 mark, led by Axis Bank Ltd., HDFC Bank Ltd. and ICICI Bank Ltd. The index rose for the second session in a row and closed 1.77% higher at 52,620.15.
The Nifty Bank is trading in a strong uptrend with higher highs and higher lows intact on the daily chart, according to Kunal Shah, senior technical and derivative analyst at LKP Securities. "The support now stands at 52,000, and intraday dips should be viewed as a buying opportunity for targets of 53,000/53,500."
Shares of HDFC Bank Ltd., ICICI Bank Ltd., Axis Bank Ltd., Reliance Industries Ltd., and Larsen & Toubro Ltd. contributed the most to the gains in the Nifty.
While those of PowerGrid Corp., Tata Steel Ltd., Asian Paints Ltd., Eicher Motors Ltd., and Bharti Airtel weighed on the index.
Most sectoral indices on the NSE traded lower, with the Nifty Realty being the top loser.
On the BSE, seven sectors rose, and 13 sectors declined. The BSE Bankex rose the most and the Realty fell the most.
The broader markets underperformed the benchmark indices as the BSE MidCap and SmallCap ended 0.26% and 0.03% down respectively.
The market breadth was skewed in favour of the sellers as 2,095 stocks declined, 1,785 rose and 115 remained unchanged on the BSE.
