Nifty, Sensex Ends At Record Closing High Led By SBI, ONGC, NTPC: Market Wrap
The NSE Nifty 50 settled 0.33% higher at 24,583.90, and the S&P BSE Sensex gained 0.18% to close at 80,664.86.
India's benchmark stock indices ended at a fresh closing high on Monday, tracking sharp gains in the State Bank of India, Oil and Natural Gas Corp., and NTPC Ltd.
The NSE Nifty 50 settled 81.75 points, or 0.33%, higher at 24,583.90, and the S&P BSE Sensex gained 145.52 points, or 0.18%, to close at 80,664.86. The Nifty hit a fresh record high of 24,635.05, and the Sensex touched a fresh high of 80,862.54.
After a knee-jerk reaction in the opening, the trade was lacklustre, and the index settled at 24,586.70 with gains of 84.55 points. Barring IT, all other sectors ended the day in green, with PSU Bank being the top gainer, followed by media," said Aditya Gaggar, director at Progressive Shares.
The mid- and small-cap indices advanced over 0.50% and outperformed the Frontline Index. The index has formed a Doji candlestick pattern at a record level, which indicates a reversal. However, considering a strong uptrend, such a correction, if any, will be considered a buying opportunity, Gaggar said. "The downside seems to be protected at 24,400, while the higher side level of 24,740 will serve as an immediate hurdle."
State Bank of India, Oil and Natural Gas Corp., NTPC, ITC Ltd., and Bajaj Auto Ltd. contributed to the Nifty 50.
Axis Bank Ltd., Asian Paints Ltd., Tata Consultancy Services Ltd., Grasim Industries Ltd., and Tata Steel Ltd. weighed on the index.
On the NSE, 11 sectors ended higher and one declined. The NSE Nifty IT declined, and the NSE Nifty PSU Bank rose the most.
Broader indices outperformed their larger peers, with the S&P BSE Midcap closing with 0.95% gains and the S&P BSE Smallcap ending 0.21% higher on Monday.
Seventeen out of 20 sectoral indices on the BSE ended higher. BSE Oil & Gas was the top gainer.
Around 2,050 stocks advanced, 1,992 fell, and 126 stocks remained unchanged on the BSE.
