Stock Market Today: Nifty, Sensex End Little Changed After Hitting Records As Banks Weigh

-The local currency weakened 6 paise to close at 83.50 against the US dollar.

-It closed at 83.44 on Monday.

Source: Bloomberg

Benchmark equity indices Tuesday's volatile session little changed after hitting record highs in the early trade as shares of banks weighed on them.

Intraday, the Nifty hit its record high of of 24,236.35 and the Sensex hit all-time high of 79,855.87. Both the Nifty and Sensex ended flat at 24,123.85 and 79441.45 respectively.

According to Shrikant Chouhan, head of equity research at Kotak Securities the medium term texture of the market is still in to the positive side.

"For the day traders now, 24200/79700 would be the immediate resistance zone," he said. "Below the same, the market could retest the level of 24000-23950/79100-79000."

Shares of ICICI Bank Ltd., Bharti Airtel Ltd., Kotak Mahindra Bank Ltd., State Bank Of India, and Tata Motors Ltd. dragged the index.

Those of HDFC Bank Ltd., Larsen & Toubro Ltd., Infosys Ltd., Tata Consultancy Services Ltd., and Reliance Industries minimised the losses.

Most sectoral indices ended lower with Nifty PSU Bank being the top loser.

Broader markets ended on a mixed note. The S&P BSE Midcap ended 0.57% lower, and the S&P BSE Smallcap settled 0.07% higher.

On BSE, 13 sectors declined and seven advanced out of 20. The S&P BSE Telecommunication declined the most, and the S&P BSE IT rose the most.

Market breadth was skewed in favour of buyers. Around 2,051 stocks rose, 1,864 stocks declined, and 93 remained unchanged on BSE.

Shares of Godrej Properties Ltd. extended its record rally to third consecutive session Tuesday after selling over 2,000 homes on the launch day its Bengaluru project.

The real estate developer has reported sales worth Rs 3,150 crore in Godrej Woodscapes, Whitefield-Budigere Cross, Bengaluru, Godrej Properties said in exchange filing on Monday.

Shares of Godrej Properties rose 5.64% to Rs 3,339.95, the highest level since Jan 5, 2010, when it was listed. It was trading 4.54% higher at Rs 3,305.10 as of 2:46 p.m., as compared to 0.12% decline in the NSE Nifty 50 index.

The scrip gained 108.90% in 12 months, and rose 64.15% on year-to-date basis. Total traded volume so far in the day stood at 3.1 times its 30-day average. The relative strength index was at 68.14.

Out of 20 analysts tracking the company, 13 maintain a 'buy' rating, one recommend a 'hold,' and six suggest 'sell', according to Bloomberg data. The average 12-month consensus price target implies a downside of 17.2%

Files draft papers for IPO via fresh issue 2.34 crore shares worth 27% stake

Source: DRHP