Market indices closed at record highs for the tenth straight session on Tuesday, amid mixed global equities. After a volatile trading session, Sensex ended 260 points higher at 48,437 and Nifty gained 66 points to 14,199.
During today's session, Sensex hit a lifetime high of 48,486 and Nifty rose to a new high of 14,215. Axis Bank, Titan, Asian Paints, HCL Tech, Infosys, IndusInd Bank, HDFC, TCS and HUL were among the gainers. On the other hand, L&T, Maruti, ONGC, M&M, Airtel, Bajaj twins, NTPC, Bajaj Auto, Kotak Bank, ICICI Bank and Reliance Industries were among the top losers on the Sensex pack.
Sectorally, except metal, realty and auto, all the other indices closed in the green with over 2.6% rise registered in IT sector and nearly 2% increase in private banking.
Overseas, Asian stocks were trading mixed with a negative bias on Tuesday trade following an overnight drop on Wall Street amid concerns about global coronavirus cases with UK PM announcing national lockdown on England and the Georgia runoff elections in US.
European markets reversed from gains and traded lower over rising Covid-19 cases. In the UK, Prime Minister Boris Johnson imposed a national lockdown on England to curb the spread of the new coronavirus variant.
Vinod Nair, Head of Research at Geojit Financial Services said,"Based on the historical standards of valuation, today, equities are at rich level. But these levels are easily extended or cannot be comparable due to one-time economic euphoria from early vaccination, high double-digit earnings growth and high liquidity in the market. The ongoing Indian rally is supported by the anticipation of Q3 result, on earnings front we expect green shoots due to uptrend in economic activity and record collections in GST."
Rohit Singre, Senior Technical Analyst at LKP Securities said,"One more positive session and index managed to close a day on fresh highs at 14200 with gains of half a percent and formed a bullish candle on the daily chart. Now index has shifted its base to 14100 zone and overall base is still at 14k mark holding above said levels a buy on dip structure is still intact, on the other hand index managed to breach 14200 zone decisively its suggest that ongoing move can push index to 14300-14400 zone in near term. Nifty bank has witnessed fresh breakouts so next leg of the rally will include both Private and PSU banks."
S Ranganathan, Head of Research at LKP Securities said,"Bulls put to rest worries across Europe on account of the lockdown as IT & Financials led the charge in Afternoon Trade. The broader market witnessed a renewed interest in Insurance stocks and several Small & Midcap names across sectors were seen buzzing around."
On the currency front, the Indian rupee closed 15 paise lower at 73.17 against US dollar. On Monday, the rupee appreciated by 9 paise to close at a four-month high of 73.02 against the US dollar.