Sensex Closes At Record High As ICICI Bank, L&T Lead: Market Wrap
Ten out of the 12 sectors on the NSE advanced, with the Nifty FMCG and IT declining.
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The S&P BSE Sensex ended Monday's session at a record high, while the NSE Nifty 50 also closed higher, buoyed by gains in ICICI Bank Ltd. and Larsen & Toubro Ltd. Both the benchmark stock indices traded at fresh opening highs before paring gains through midday.
The Nifty closed 27.25 points or 0.11%, higher at 25,383.75 and Sensex settled 97.84 points or 0.12%, higher at 82,988.78. Intraday, the Nifty and Sensex advanced as much as 0.35% each to 25,445.70 and 82,184.34, respectively.
"The index (Nifty) oscillated in an extremely thin range of 25,350–25,420 and finally settled at 25,383.75 with gains of 27.25 points. Among the sectors, media was the top performer, followed by energy and metal, while FMCG was the major laggard," Aditya Gaggar, director of Progressive Share Brokers, said.
On the lower time frame or the hourly chart, it appears that the Nifty is forming a bullish pennant and pole formation where a strong move above 25,430 will be considered as a breakout point. In case of a breakout, the approximate target comes at 25,770, Gaggar added.
ICICI Bank Ltd., Larsen & Toubro Ltd., NTPC Ltd., and Axis Bank Ltd. led the gains in the Nifty.
Bajaj Finance Ltd., Hindustan Unilever Ltd. and ITC Ltd. weighed on the index the most.
Ten out of the 12 sectors on the NSE advanced, with the Nifty FMCG and IT declining.
The broader markets ended higher on the BSE as the MidCap and the SmallCap ended 0.12% and 0.31% higher, respectively.
On the BSE, 15 sectors ended higher and five declined out of 20. The BSE Utilities rose the most, while the BSE FMCG declined the most.
The market breadth was skewed in favour of the buyers as 2,185 stocks rose, 1,927 declined and 89 remained unchanged on the BSE.
