Stock Market Today: ICICI Bank, Infosys Help Sensex, Nifty Extend Record Run

• The local currency closed flat at 83.59 against the US dollar.

• It closed at 83.60 on Monday.

Source: Bloomberg

India's benchmark stock indices ended at a fresh closing high for a third day in a row on Tuesday, tracking sharp gains in the 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 0.10%, to close at 80,716.55. In the first half of the trade, the Nifty 50 hit a fresh high of 24,661.25, and the 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.

Infosys Ltd., ICICI Bank Ltd., Bharti Airtel Ltd., Hindustan Unilever Ltd., and Coal India Ltd. contributed to the Nifty 50.

Reliance Industries Ltd., Kotak Mahindra Bank Ltd., NTPC Ltd., Shriram Finance Ltd., Dr. Reddy's Laboratories Ltd. weighed on the index.

On the NSE, four sectors ended higher and eight declined out of 12. 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 sectors ended higher, eight ended lower out of 20 sectors BSE compiles. The S&P BSE Realty rose the most, and the S&P BSE Capital Goods declined the most.

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

• Balu Forge is to raise Rs 496.8 crore via preferential issue of shares & warrants.

Source: Exchange filing

The Indian benchmark indices were trading near record high through midday on Tuesday, tracking gains in shares of Bharti Airtel Ltd., ICICI Bank Ltd.

As of 12:15 p.m., the NSE Nifty 50 was trading 54.05 points or 0.22% higher at 24,640.75, and the S&P BSE Sensex was 153.47 points or 0.19% up at 80,818.33.

Intraday, the Nifty rose 0.30% to a fresh high of 24,661.25 and the Sensex rose 0.29% to an all-time high of 80,898.30.

The Nifty has been on a tearaway run and seeing a wait-and-watch kind of trade. The bias remains on the upside as any dip to 24,400, 24,000 can be used to take long positions, according to Amit Goel, research analyst at Amit Ventures.

The Nifty Bank has been a little weaker on account of HDFC Bank Ltd.'s underperformance. It has taken support at a lower level and is showing some positive traction, he said.

Bharti Airtel, ICICI Bank, Hindustan Unilever Ltd., Coal India Ltd. and Infosys Ltd. led the gains in the Nifty.

Reliance Industries Ltd., Kotak Mahindra Bank Ltd., UltraTech Cement Ltd., Dr. Reddy's Laboratories Ltd. and Axis Bank Ltd. weighed on the index.

Most sectors on the NSE advanced, with the Nifty Realty rising the most and Pharma declining the most. Earlier in the day, the Oil & Gas, Energy and FMCG indices scaled fresh highs.

The BSE MidCap was trading 0.18% up and the SmallCap was 0.81% higher.

Seventeen out of the 20 sectors on the BSE advanced, with Telecommunication rising the most and Bankex declining the most.

The market breadth was skewed in favour of the buyers as 2,315 stocks rose, 1,411 declined and 151 stocks remained unchanged on the BSE.