Nifty Posts Record Closing High For Fifth Session, M&M, Maruti Suzuki Rise: Market Wrap
The Nifty 50 ended 0.81% higher at 26,216.05, and Sensex ended 0.78% higher at 85,836.12.
(Photo source: NDTV Profit)
The NSE Nifty 50 and BSE Sensex extended their record run to the sixth session intraday on Thursday, led by gains in Maruti Suzuki India Ltd. and Mahindra & Mahindra Ltd. The benchmarks have been touching fresh highs since Sept. 19 and robbed the charm of new highs from market participants.
The Nifty 50 ended 211.90 points, or 0.81% higher at 26,216.05, and the Sensex ended 666.25 points, or 0.78% higher at 85,836.12. Nifty settled at its highest closing level for the fifth straight session.
In Thursday's session, Nifty rose 0.95% to a record high of 26,250.90, and Sensex rose 0.89% to a fresh high of 85,167.56 intraday.
The Nifty Bank rose as much as 0.68% to a high of 54,467.35 as the State Bank of India and HDFC Bank Ltd. led. The index ended 0.33% higher at 54,281.50, marking the highest close.
"Technically, after a muted opening, the market successfully cleared the 26,000/85,300 mark and post-breakout positive momentum intensified," said Shrikant Chouhan, head of equity research at Kotak Securities Ltd.
A bullish candle on daily charts and breakout continuation formation on intraday charts indicate further uptrend from the current levels. As long as the market is trading above 26,000/85,300, the bullish setup is likely to continue, he said.
On the higher side, it could move up till 26,300-26,375/86,000-86,300. On the other side, below 26,000/85,300, the uptrend would be vulnerable. Below the same, traders may prefer to exit out of trading long positions, Chouhan said.
Shares of Maruti Suzuki India Ltd., Mahindra & Mahindra Ltd., Reliance Industries Ltd., Tata Motors Ltd., and ITC Ltd. positively contributed to changes in the Nifty.
While those of Larsen & Toubro Ltd., Oil and Natural Gas Corp., Cipla Ltd., NTPC Ltd., and HDFC Bank Ltd. negatively contributed to the change.
On NSE, 11 out of 12 sectors ended higher and one ended with little change. The NSE Nifty Auto emerged as the top sector, with over 2% gain after hitting a fresh high.
The NSE Nifty Auto rose 2.37% to a fresh high of 27,526.35. Mahindra & Mahindra Ltd. and Maruti Suzuki India Ltd. were top leaders. It settled 2.03% higher at 27,434.85.
The NSE Nifty Financial Services rose 0.86% to a new high of 25,201.95. Bajaj Finance Ltd. and HDFC Bank Ltd. were the top contributors. The index ended 0.46% higher at 25,103.85.
Broader markets underperformed benchmark indices. The BSE Midcap settled 0.01% lower, and the BSE Smallcap ended 0.39% lower.
On BSE, 13 out of 20 sectors advanced and seven declined. The BSE Auto rose the most, and BSE Consumer Durables declined the most.
Market breadth was skewed in the favour of sellers. Around 2,273 stocks declined, 1,703 stocks rose, and 105 stocks remained unchanged on BSE.
