Market at fresh all-time high! Sensex jumps over 350 points, Nifty tops 19,800; Sheela Foam jumps 9%

Indian equity benchmarks traded higher in Tuesday's deals to hit their fresh lifetime highs. The 30-share BSE Sensex pack surged more than 350 points to touch its all-time high of 66,986, while the broader NSE Nifty moved around 100 points up to scale a fresh record peak of 19,811. The domestic indices were up powered by Reliance Industries (RIL) ahead of the demerger of its financial services unit and HDFC Bank after strong June-quarter (Q1 FY24) results. Mid- and small-cap shares were positive as Nifty Midcap 100 rose 0.13 per cent and small-cap climbed 0.22 per cent.

On the global front, Asian markets were lower today. Overnight, Wall Street equities closed higher on strong earnings outlook and easing concerns over inflation.

Back home, 11 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Sub-indexes Nifty Bank, Nifty Financial Services, Nifty Consumer Durables and Nifty Oil & Gas were outperforming the NSE platform by rising as much as 0.74 per cent, 0.64 per cent, 0.40 per cent and 0.30 per cent, respectively. Nifty Metal and Nifty Pharma were seen trading lower.

On the stock-specific front, IndusInd Bank was the top gainer in the Nifty pack as the stock gained 1.09 per cent to trade at Rs 1,405.60. Axis Bank, HDFC Bank, ICICI Bank and Infosys rose up to 0.97 per cent.

In contrast, LTI Mindtree, Titan, Tech Mahindra, Bharti Airtel and Dr Reddy's were among the top laggards.

The overall market breadth was positive as 1,623 shares were advancing while 1,129 were declining on BSE.

On BSE, index heavyweights such as HDFC Bank, RIL, Infosys, ICICI Bank and Hindustan Unilever (HUL) were among the major contributors to the rise.

Sheela Foam, Vaibhav Global, Wardwizard Innovations & Mobility and Sequent Scientific surged up to 9.11 per cent. In contrast, Amara Raja Batteries, LTI Mindtree, JBM Auto, Happiest Minds Technologies and Angel One slipped up to 4.11 per cent.

Foreign institutional investors (FIIs) bought Rs 73 crore worth of Indian equities on a net basis during the previous session, while domestic investors purchased Rs 64.34 crore of shares, as per provisional NSE data.

On Monday, Sensex had gained 529 points or 0.80 per cent to close at 66,590, while Nifty had surged 147 points or 0.75 per cent to end the session at 19,711.

Nifty outlook

"Even as bullish continuation patterns keep upside prospects alive, hourly charts have started to signal prospects of a swing lower. Inability to float above 19,700 early in the day, should see Nifty slipping towards 19,668 or 19620, with 19,460 as the first landing point, should downsides gain momentum. We would now wait for a close beyond 19,750 or substantial dips for fresh long entries," said Anand James, Chief Market Strategist at Geojit Financial Services.

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