Nifty, Sensex Extend Record Run Ahead Of Monthly Expiry: Market Wrap
RIL, Bharti Airtel, ICICI Bank, Axis Bank and UltraTech Cement contributed the most to the gains in the Nifty.
The benchmark equity indices extended their record run for the second consecutive day on Wednesday, ahead of the expiry of their monthly derivative contracts. The Nifty Bank, whose monthly contracts also expired in the day, recorded its highest close as well.
The NSE Nifty 50 closed 147.50 points, or 0.62%, higher at 23,868.80 points, while the S&P BSE Sensex ended 620.73 points up, or 0.8%, at 78,674.25.
"The index is performing as per our expectations, but we believe that a profit-booking correction can be seen because the ongoing rally is on a weak footing and is mainly driven by select heavyweights," Aditya Gaggar, director of Progressive Share Brokers, said.
Shares of Reliance Industries Ltd., Bharti Airtel Ltd., ICICI Bank Ltd., Axis Bank Ltd. and UltraTech Cement Ltd. contributed the most to the gains in the Nifty.
While those of HDFC Bank Ltd., Mahindra & Mahindra Ltd., Tata Steel Ltd., Bajaj Auto Ltd. and Apollo Hospitals Enterprise Ltd. weighed on the index.
Most sectoral indices on the NSE ended higher, with the Nifty Media and Energy leading the gains.
The broader markets ended on a mixed note as the BSE MidCap settled 0.29% lower and SmallCap ended 0.15% higher.
On the BSE, 11 sectors advanced, and nine declined. The BSE Telecommunication rose the most, while Metal declined the most.
The market breadth was evenly split between buyers and sellers as 1,911 stocks advanced, 1,971 declined and 126 remained unchanged on the BSE.
