Stock Market Today: Nifty Ends Just 80 Points Away From 26,000; Sensex Settles At Record High
During the session the Nifty rose as much as 0.64% higher at 25,956.00, and the Sensex rose 0.52% to 84,980.53.
NSE headquarters in Mumbai. (Source: Vijay Sartape/NDTV Profit)
KEY HIGHLIGHTS
Nifty, Sensex Post New Closing Highs For Third Day As Airtel, HDFC Bank Lead: Market Wrap
The NSE Nifty 50 and BSE Sensex settled at the highest closing level for three consecutive sessions in a row as Bharti Airtel Ltd. and HDFC Bank Ltd. led gains. The indices rose to new intraday highs for four days in a row.
The Nifty 50 ended 148.10 points or 0.57% higher at 25,939.05, and the Sensex ended 384.30 points or 0.45% higher at 84,928.61.
During the session the Nifty rose as much as 0.64% higher at 25,956.00, and the Sensex rose 0.52% to 84,980.53.
"Due to a strong gap-up opening, the Index oscillated in a well-maintained range and finally settled the trade at a record level of 25,939.05 with gains of 148.10 points," said Aditya Gaggar, director, Progressive Shares.
Barring IT, all the other sectors advanced with PSU Banks and Realty being the top performers. The interest of market participants was back to the Broader markets as Midcap advanced by 0.84% while Smallcaps soared over 1% and outperformed the Frontline Index. Considering the strong rally in the past 2 trading sessions; the Index seems to be overheated in the short run. Profit-taking correction can be expected where the zone of 25,800-25,850 will serve as a strong support area; and on the flip side, a level of 26,000 will work as a psychological barrier, Gaggar added.
HDFC Bank Ltd., Bharti Airtel Ltd., Mahindra & Mahindra Ltd., State Bank of India, Bajaj Auto Ltd. added to the index's gain.
ICICI Bank Ltd., Infosys Ltd., Tata Consultancy Services Ltd., Asian Paints Ltd., and Eicher Motors Ltd. limited gains in the index.
On NSE, 11 setcors advanced with the NSE Nifty PSU Bank rising the most, and the NSE Nifty IT declined.
Broader indices outperformed. Both BSE Midcap and BSE Smallcap closed 0.7% higher.
All 20 sectoral indices on the BSE rose, except BSE Information Technology. BSE Oil & Gas rose the most.
Market breadth was skewed in the favour of buyers. As many as 2,392 stocks rose, 1,719 fell, and 122 remained unchanged on the BSE.
Rupee Closes At The Highest Level Against US Dollar Since July 12
The local currency ended flat against the US dollar at 83.5450 on Monday. It's a fresh over two-month high level.
Intraday, it rose to 83.4350 a dollar, marking the highest level since July 8.
On Friday, the Indian unit closed at 83.5600 a dollar, the highest level since July 12.
Source: Cogencis
Market At Close
The NSE Nifty 50 and BSE Sensex touched fresh highs for four sessions in a row on Monday.
The indices closed at record highs for three days since Sept 19.
The NSE Nifty Bank rose to a new high of 54,197.95 as HDFC Bank led. The index ended 0.51% higher at 54.069.30, which is the highest close so far.
The NSE Nifty Financial Services touched a fresh high of 24,994.25 as HDFC Bank and State Bank of India led. The index ended 0.63% higher at 24,944.55.
The NSE Nifty FMCG index rose to a fresh high of 66,438.70 as Hindustan Unilever Ltd., and ITC Ltd. led. The index ended 0.64% higher at 66,295.15
The NSE Nifty Midcap 150 rose to a new high of 22,442.55. The Index ended 0.70% higher at 22,412.30.
Nifty IT Declines Most Among Sectoral Indices
The NSE Nifty IT declined 0.99% to 41,785.15 as Infosys Ltd., and Tata Consultancy Services Ltd. fell.
Airtel Rises To Record High As Jefferies Sees To Keep On Gaining Market Share
Shares of Bharti Airtel Ltd. rose to the highest level in incorporation as Jefferies said the company, along with its rival Jio will continue to gain market share.
