Sensex, Nifty Extend Record Run As ICICI Bank, Infosys Lead Gains: Market Wrap

India's benchmark stock indices ended at a fresh closing high for a third day in a row on Tuesday, tracking sharp gains in ICICI Bank Ltd., Infosys Ltd., and Bharti Airtel Ltd.

The NSE Nifty 50 settled 26.30 points, or 0.11% higher at 24.613.00, and the S&P BSE Sensex gained 75.71 points, or 0.06% to close at 80,716.55. In the first half of the trade, the Nifty hit a fresh high of 24,661.25, and Sensex touched a fresh high of 80,898.30.

The domestic market failed to uphold the opening gains as investor concerns about current valuations and subdued expectations for the first quarter of fiscal 2025 earnings. With the earnings season set to fully commence this week, investors are likely to gain a broader sectoral perspective.

Globally, the dovish comment from the Federal Reserve Chair Jerome Powell on inflation trajectory and a drop in US 10-year treasury yield ahead of US retail sales data increased the likelihood of a rate cut in September, said Vinod Nair, head of research, Geojit Financial Services Ltd.

Shares of Infosys Ltd., ICICI Bank Ltd., Bharti Airtel Ltd., Hindustan Unilever Ltd, and Coal India Ltd. positively contributed to changes in the Nifty.

While those of Reliance Industries Ltd., Kotak Mahindra Bank Ltd., NTPC Ltd., Shriram Finance Ltd., and Dr. Reddy's Laboratories Ltd. weighed the index.

On NSE, four out of 12 sectors ended higher and eight declined. The NSE Nifty Media declined the most, and the NSE Nifty Realty rose the most.

On BSE, broader markets ended on a mixed note. The S&P BSE Midcap ended 0.29% lower, and Smallcap settled 0.32% higher.

Twelve out 20 sectors ended higher and eight ended lower. The S&P BSE Realty rose the most, and the S&P BSE Capital Goods was the worst performer.

Market breadth was skewed in the favour of buyers. Around 2,020 stocks gained, 1,892 stocks declined, and 97 remained unchanged on BSE.