Sensex ends above 74,000 mark for first time, Nifty at record high; banking stocks lead rally

Benchmark indices ended record high boosted by a rally in the second half of the trade. Nifty hit closed at a lifetime high of 22,474, rising 118 against the previous close of 22,356. Sensex ended 409 points higher at a record 74,085 led by gains in banking, IT and consumer durables stocks. It surged past the 74,000 mark for the first time.

During the day, Sensex and Nifty touched their all-time highs of 74,151  and 22,497, respectively.

The market, which traded with losses in the first half changed gears and recovered all losses ending at record highs in Wednesday’s session.

Market cap of BSE-listed firms rose to a record Rs 391.34 lakh crore.

Vinod Nair, Head of Research, Geojit Financial Services said, “The domestic market exhibited a smart recovery in the second half, reversing initial losses as buying picked up in large-cap stocks. Nevertheless, the broader index continued to underperform with profit booking in Mid & Small caps reflecting worries about stretched valuations."

Kotak Mahindra Bank, Axis Bank, Bharti Airtel and Sun Pharma were the top Sensex gainers, rising up to 2.47 per cent. Of 30 Sensex stocks, 19 ended in green.

Shares of UltraTech Cement, NTPC, Maruti, JSW Steel, Power Grid and Tata Motors were the top Sensex losers, falling up to 1.91%.

Banking, IT and consumer durables stocks were the top sectoral gainers with their BSE indices rising 533 points, 247 points, and 184 points, respectively on BSE.

On the other hand, oil and gas stocks were top losers with their BSE index falling 248 points to 28,824.

However, market breadth was negative with 904 stocks ending higher against 2954 stocks closing lower on BSE. 82 shares were unchanged.

Rupak De, Senior Technical Analyst, LKP Securities said, “The index exhibited volatility throughout the session but ultimately closed on a strong note. The short-term trend appears positive, as the index concluded the day above the 21EMA on the daily chart. Additionally, the momentum indicator RSI shows a bullish crossover, indicating a positive momentum for the short term. The bulls are likely to maintain control as long as the index stays above 22,350. Looking ahead, there is potential for the Nifty to reach levels between 22,600 and 22,700 on the higher end."

Previous session

The domestic equity market closed lower on Tuesday. Sensex ended 195 pts lower at 73,677 and Nifty lost 49 points to close at 22,356.