Sensex, Nifty Close At Record High Again As ICICI Bank, Adani Enterprises Lead: Market Wrap
Adani Ports, HDFC Bank and Reliance Industries also contributed the most to the gains.
![<div class="paragraphs"><p>NSE building In Mumbai. (Photo: Vijay Sartape/BQ Prime)</p></div>](https://media.assettype.com/bloombergquint%2F2023-09%2Fa481ba7f-83f7-4068-8285-1c3e021ebcc5%2FNSE_reuters.jpg?auto=format%2Ccompress&w=200)
The benchmark indices closed at an all-time high on Tuesday for the second consecutive session as it rose for the sixth straight session, led by gains in banking and Adani Group stocks.
The NSE Nifty 50 closed 168 points or 0.81%, higher at 20,855.10, while the S&P BSE Sensex was 431 points or 0.63%, up at 69,296.14. Both the indices also hit new intraday highs.
The markets scaled fresh highs on the back of impressive gains, led by power, oil and gas, and banking stocks, according to Prashanth Tapse, senior vice president of research at Mehta Equities Ltd. "Investors continue to bet big on India's growth story, with fresh election victory for the ruling party in recent state elections further aiding the sentiment."
"Despite a broad-based rally, the fear gauge for India VIX is also going up," Sheersham Gupta, senior technical analyst at Rupeezy, said. "Traders are advised to exercise caution for the next two days until the RBI's Monetary Policy Committee concludes."
Gupta pointed out that the market was already overheated and a policy change or an unfavourable commentary might elicit a sharp reaction from it.
![Sensex, Nifty Close At Record High Again As ICICI Bank, Adani Enterprises Lead: Market Wrap](https://media.assettype.com/bloombergquint%2F2023-12%2F85abec05-b3b9-4e81-ad04-ce9399c602c7%2FNIFTY_50__21_.png?auto=format%2Ccompress)
![Sensex, Nifty Close At Record High Again As ICICI Bank, Adani Enterprises Lead: Market Wrap](https://media.assettype.com/bloombergquint%2F2023-12%2F7753fc7e-f215-47f8-8cc4-4dfe8d827b40%2FSENSEX__23_.png?auto=format%2Ccompress)
The Bank Nifty scaled a record high as expected and the 100-day average of 44,500 will now act as strong support from the current levels, according to Vikas Jain, senior research analyst at Reliance Securities. "It will continue to move higher and the resistance will be in the range of 47,300–47,500."
![Sensex, Nifty Close At Record High Again As ICICI Bank, Adani Enterprises Lead: Market Wrap](https://media.assettype.com/bloombergquint%2F2023-12%2Fadf07d85-706d-4a75-9b38-4d715567f00b%2FNIFTY_BANK__18_.png?auto=format%2Ccompress)
Shares of ICICI Bank Ltd., Adani Enterprises Ltd., Adani Ports and Special Economic Zone Ltd., HDFC Bank Ltd. and Reliance Industries Ltd. contributed the most to the gains.
Infosys Ltd., Larsen & Toubro Ltd., HCL Technologies Ltd., ITC Ltd. and Bajaj Finance Ltd. declined the most.
Most sectoral indices gained, with Nifty Energy and Nifty Metal rising over 3%. However, Nifty Media, IT, and Realty FMCG fell.
The broader markets underperformed as the BSE MidCap was up 0.14%, while the SmallCap was 0.12% higher. Five out of the 20 sectors compiled by the BSE advanced.
The market breadth was skewed in favour of the sellers. About 1,787 stocks rose, 1,969 declined and 119 remained unchanged on the BSE.