Stock Market Today: Nifty Posts Muted Close After 26,000 Milestone
The Nifty 50 took 37 sessions in 1,000 point rally to hit 26,000 with HDFC Bank, ICICI Bank, Bharti Airtel being top contributors to Nifty's 1,000 point gain.
Inside NSE headquarters in Mumbai. (Source: Vijay Sartape/NDTV Profit)
KEY HIGHLIGHTS
Nifty Posts Muted Close After 26000 Milestone: Closing Bell
Benchmark equity indices ended on a flat note after Nifty hit the crucial 26,000-mark for the first time in the last hour of trade. Despite this, the Nifty managed to record its highest close in the third consecutive session.
The Nifty recorded its highest closing at 25940.4, up 0.01% or 1.35 points and Sensex ended at 84914.04, down 0.02% or 14.57 points.
It took 37 sessions for the Nifty to cover 1,000 points from 25,000 mark. Today the gains were led by metal stocks after China's central bank announced a slew of measures to boost the world's second largest economy.
According to Vikram Kasat, head of advisory at PL Capital - Prabhudas Lilladher, "Several factors contributed to this rally, including strong corporate earnings, resilient macroeconomic indicators, and increased foreign institutional investor (FII) inflows."
The market momentum was further bolstered by a bullish outlook on India’s economic growth, supported by expectations of structural reforms and Investor optimism around the Indian economy's ability to withstand global headwinds, such as inflationary pressures and geopolitical uncertainties, added to the positive sentiment, he said.
The market now expects a cool-off. Aditya Agarwala, Co-Founder & Director at invest4Edu Pvt. Ltd. said that for now 26000 could be the top and there might be some cool-off of 100-150 points both in Nifty and bank Nifty. He recommends moving to sectors like IT and metal while also advising to hold NBFCs and Banks in the portfolio.
Kush Bohra, founder of Kushbohra.com said that while he expects a pullback, options data is not really as cautionary. The put base has moved from 25,800 to 25,900 and a dip to those levels should be a good entry point. All in all he said he is positive.
Shares of Tata Steel Ltd., HDFC Bank Ltd., Power Grid Corp. Of India Ltd., Hindalco Industries Ltd., and HCL Tech Ltd. contributed the most to the gains.
While those of Hindustan Unilever Ltd., Kotak Mahindra Bank Ltd., SBI Life Insurance Co. Ltd., Reliance Industries Ltd., and UltraTech Cement Ltd. limited the upside.
Sectoral indices ended on a mixed note, Nifty Metal rose the most.
Market breadth was skewed in favour of sellers. Around 2,036 stocks declined, 1,940 stock rose, and 100 stocks remained unchanged on BSE.
Broader markets ended on a mixed note on Tuesday. The BSE Midcap ended 0.21% higher, and the BSE Smallcap settled 0.04% lower.
On BSE, 12 sectoral indices advanced, eight declined out of 20. The BSE Metal rose over 2% to become the best performing index. The BSE FMCG declined the most.
Rupee weakens Against US Dollar
Rupee weakened by 12 paise to close at 83.67 against the US dollar.
It closed at 83.55 on Monday.
Source: Bloomberg
Markets At Close
The Nifty hit 26,000-mark for the first time and Sensex hit 85,000
Nifty recorded its highest closing at 25940.4, up 0.01% or 1.35 points
Sensex ends at 84914.04, down 0.02% or 14.57 points
Intraday, both Nifty and Sensex rose around 0.3% to hit their new record highs of 26011.55 and 85,163.23 respectively
Broader indices were mixed at close; Nifty Midcap 100 ended 0.2% up while Nifty Smallcap 250 closed 0.2% down.
Sectoral indices ended on a mixed note, Nifty Metal rose the most
Tata Steel and Hindalco were top Nifty gainers
SBI Life and HUL fell the most
SEBI Raises Concerns Over SME IPO Due Diligence
Sebi has raised concerns over quality of due diligence carried out in SME IPOs and it is probing whether due diligence process were completed in line with the regulations. Over a dozen of merchant banks have come under Sebi scanner.
Sources told NDTV Profit
Experts On Nifty At 26,000
Aditya Agarwala, Co-Founder & Director at invest4Edu Pvt. Ltd. said that for now 26000 could be the top and there might be some cool-off of 100-150 points both in Nifty and bank Nifty. He recommends moving to sectors like IT and metal while also advising to hold NBFCs and Banks in the portfolio.
Kush Bohra, founder of Kushbohra.com said that while he expects a pullback, options data is not really as cautionary. The put base has moved from 25,800 to 25,900 and a dip to those levels should be a good entry point. All in all he said he is positive.
