Stock Market Today: Nifty, Sensex Settle At Record Highs As HDFC Bank, Infosys Rise
The NSE Nifty 50 ended at 131.35 points or 0.55% higher at 24,141.95, and the S&P BSE Sensex settled 443.46 points or 0.56% higher at 79,476.19.
KEY HIGHLIGHTS
Rupee Weakens Against US Dollar
The local currency weakened 5 paise to close at 83.44 against the US dollar.
It closed at 83.39 on Friday.
Source: Bloomberg
Nifty, Sensex Settle At Record Highs As HDFC Bank, Infosys Rise: Market Wrap
Recouping losses from last session, Indian benchmarks settle at record closing high on Monday tracking gains in shares of HDFC Bank Ltd., and Infosys Ltd.
The NSE Nifty 50 ended at 131.35 points or 0.55% higher at 24,141.95, and the S&P BSE Sensex settled 443.46 points or 0.56% higher at 79,476.19.
Intraday, the Nifty 50 rose 0.59% to 24,152.40, and the S&P BSE Sensex rose 0.62% to 79,521.67.
The NSE Nifty 50 started the July month marginally lower but a sharp upmove in the IT counters pushed the Index higher to end the session at a record closing level of 24,141.95 with gains of 131.35 points, said Aditya Gaggar, director, Progressive Shares
As far as sectors are concerned, Media was the top gainer while PSU Bank was the major laggard by ending the day with a loss of 0.76%. During the day, buying traction was witnessed in the Cement stocks. By breaching its congestion, Mid and Smallcaps advanced over 0.90% and outperformed the Benchmark Index. Bullish Engulfing on the daily chart indicates the presence of a strong momentum and we believe that the Index is heading toward the 24,250-24,400 zone while the support level is shifted higher at 23,940, he said.
"This week, focus will be on the US payrolls report, FOMC minutes, and other employment data. Technically, Nifty’s record high at 24174 and Sensex's peak at 79,671.58 will be key hurdles," said Prashanth Tapse, senior vice president, research, Mehta Equities Ltd.
HDFC Bank Ltd., Infosys Ltd., ICICI Bank Ltd., Tata Consultancy Services Ltd., and Bajaj Finance Ltd. added to the benchmark index.
NTPC Ltd., State Bank of India, Larsen & Toubro Ltd., Reliance Industries Ltd., and Axis Bank Ltd. pressured the benchmark.
On NSE, nine sectors advanced, and three declined out of 12. The NSE Nifty Media led gains among other sectors, and the NSE Nifty PSU Bank declined the most.
Broader indices outperformed. The S&P BSE Midcap rose 1.11% and the S&P BSE Smallcap rose 1.58%.
Seventeen sectoral indices of the 20 on BSE ended higher and three fell. S&P BSE Information Technology rose the most.
Market breadth was skewed in the favour of buyers. Around 2,628 stocks rose, 1,370 fell, and 146 remained unchanged on the BSE.
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