Stock Market Today: Sensex, Nifty Set New Records After Monday's Lull As Banking Stocks Lead
During the session, the Nifty 50 companies' market capitalisation rose by Rs 92,000 crore.
KEY HIGHLIGHTS
Rupee Strengthens Against US Dollar
The local currency strengthens 3 paise against the US Dollar to 83.43.
It closed at 83.46 on Monday.
Source: Cogencis
Sensex, Nifty CLose At New Record: Closing Bell
A rally in the banking and financial stocks pushed India's benchmark equity indices to hit another record amid strong domestic cues.
The NSE Nifty 50 hit a fresh record for the 34th time this year, while the 1000-point journey of the S&P BSE Sensex to cross the milestone of 78,000 was done in 11 sessions.
The Nifty 50 closed 184.85 points, or 0.79%, higher at 23,722, while the Sensex ended up 712.4 points, or 0.92%, at 78,053.5. Intraday, Nifty rose as much as 0.92% to 23,754.1, while Sensex advanced as high as 1.06% to 78,053.5.
During the session, the Nifty 50 companies' market capitalisation rose by Rs 92,000 crore.
The Nifty Bank Index scaled past the 52,500 mark led by Axis Bank Ltd. and HDFC Bank Ltd., and ICICI Bank Ltd. The index rose for the second session in a row and closed 1.77% higher at 52,620.15.
Nifty Bank is trading in a strong uptrend with higher highs and higher lows intact on the daily chart, according to Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities. "The support now stands at 52,000, and intraday dips should be viewed as a buying opportunity for targets of 53,000/53,500."
Shares of HDFC Bank Ltd., ICICI Bank Ltd., Axis Bank Ltd., Reliance Industries Ltd., and Larsen & Toubro Ltd. contributed to the gains in the Nifty.
While those of PowerGrid Corp., Tata Steel Ltd., Asian Paints Ltd., Eicher Motors Ltd., and Bharti Airtel weighed on the index.
Most sectoral indices traded lower. Nifty Realty was the top loser and Nifty Bank and Nifty Bank rose the most.
On BSE, seven sectors rose, and 13 sectors declined. The S&P BSE Bankex rose the most, and the S&P BSE Realty fell the most.
Broader markets underperformed benchmark indices. The S&P BSE Midcap and Smallcap ended 0.26% and 0.03% down, respectively.
Market breadth was skewed in favour of sellers. Around 2,095 stocks declined, 1,785 stocks rose, and 115 stocks remained unchanged on BSE.
ICICI Bank's Market-Cap Crosses $100 Billion
Sensex Crosses 78,000 For The First Time
The index took only eleven sessions to cover the 1,000-point journey.
Most European Markets Fall
Most benchmarks in Europe were trading in red tracking losses on Wall Street due to tech stocks' decline, and as Airbus SE's shares fell, Bloomberg reported.
