Indices Nifty and Sensex managed to hit all-time highs following the gap up opening, but traded sideways throughout the session
The benchmark indices extended their winning streak to four days in a row, ending at new highs. The indices Nifty and Sensex managed to hit all-time highs following the gap up opening, but traded sideways throughout the session. During intraday, Sensex scaled a fresh record high of 52869, while Nifty surged to a new peak of 15,901. The Nifty Bank index rallied over 300 points snapping its 2 day losing streak backed by gains in Axis Bank and ICICI Bank.
Broader Market Movement
In terms of the broader markets, the smallcap and midcap indices witnessed a bounce back to finish on a positive note, gaining more than 0.40 percent and 0.60 percent, respectively. On the sector front, The Nifty FMCG index reached new lifetime highs, whereas selling was seen in the Pharma, Metal, and PSU Bank indices, with the Nifty Pharma being the day’s biggest loser and the Nifty Media sector gained the most, followed by the Realty and Private Banking sectors. On the stock front, 25 of the 50 stocks in the Nifty 50 pack finished in the green, with Asian Paints, Axis Bank, and ICICI Bank among the top gainers, gaining between 1-3 percent, and Divis Labs, Coal India, and Bajaj Finserv among the pack’s top losers, losing more than 1 percent.
Global Data Front
On the global front, the US benchmark indices delivered a mixed performance, with the tech-heavy Nasdaq and S &P 500 setting new record closing highs while the Dow closed in the red.The mixed performance on Wall Street came as traders looked ahead to theFederal Reserve’s monetary policy announcement on Wednesday. On the US economic front, the street is awaiting theretail sales figure for the month of May. The futures of the three major indiceswere trading on a flat note, with the Dow Jones Futures up 0.02 percent, the Nasdaq Futures up 0.15 percent, and the S&P 500 Futures up 0.09 percent. While on the European front, the indices trade on a positive note with the FTSE, CAC 40 trading at all time highs.
Summing Up, Markets continued inching higher and closing at their new lifetime highs. The 30-share BSE Sensex index gained 221 points to close at a record high of 52773. Similarly, the Nifty 50 index gained 57 points in today’s session and closed near the 15900 mark for the first time ever, at 15869. Going ahead the levels to watch on the Nifty in the coming days are 15950 – 15990 on the upside and 15650 – 15600 on the downside.