Sensex ends above 60K, Nifty crosses 17,900; consumer durables, IT shares top gainers

Sensex closed above the 60K mark today after four months amid positive global cues. Sensex climbed 418 pts to 60,260 and Nifty gained 119 pts to 17,944. Last time, the 30-stock index hit the 60K level on April 5, 2022. The index closed at 60,176 in that session. Of 30 Sensex stocks, 23 ended in the green today. Bajaj twins, Bharti Airtel and Tech Mahindra were the top Sensex gainers, rising up to 5.74 per cent.

M&M, Ultratech Cement, Maruti and Tata Steel were the top Sensex losers, falling up to 1.07 per cent. Mid-cap and small-cap indices on BSE gained 161 points and 148 points, respectively.

Deepak Jasani, Head of Retail Research, HDFC Securities said, "Markets are less than 4 per cent off their life time highs. Nifty continues its relentless rise and is currently outperforming global markets. Though there are no signs of reversal, the current uptrend is mature. On upmoves, 18,114 could act as a resistance while 17,719 is a support."

Consumer durables and IT stocks were the top sectoral gainers with their BSE indices zooming 451 points and 315 pts, respectively.

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Market breadth was positive with 2,019 stocks ending higher against 1,405 stocks falling on BSE. 132 shares were unchanged.

Market cap of BSE-listed firms rose to Rs 279.79 lakh crore.

Sahaj Agrawal, Head of Research- Derivatives , Kotak Securities said, "Nifty has staged a strong recovery in the past few weeks. This move has pushed the markets out of the consolidative/corrective phase it was in since past few months. Any correction in the near term should be used for buying for the medium term uptrend. An extended phase of consolidation is possible before the index attempts to move towards the 18600 mark. IT stocks remain strong while Metals continue to consolidate. Value is seen in select midcap stocks."

Foreign institutional investors remained net buyers in the capital markets as they bought shares worth Rs 1,376 crore on Tuesday, as per exchange data.

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Previous Session

The stock market ended higher on Tuesday amid mixed global cues. Sensex rose 379 points to 59,842 and Nifty closed 127 points higher at 17,825. Of 30 Sensex stocks, 25 ended in the green. M&M, Maruti, Asian Paints, HUL and Ultratech Cements were the top Sensex gainers, rising up to 2.28 per cent.

SBI, Bharti Airtel, Bajaj Finance, TCS and NTPC were the top Sensex losers, falling up to 0.90 per cent.

Global markets

In Asia, Japan's benchmark Nikkei 225 added 0.8% in morning trading to 29,101.33. Australia's S&P/ASX 200 rose nearly 0.1% to 7,109.50. South Korea's Kospi lost 0.5% to 2,521.84. Hong Kong's Hang Seng added 0.5% to 19,932.34, while the Shanghai Composite edged up 0.2% to 3,284.14.

Last night, the S&P 500 rose 0.2%, its third straight gain, adding 8.06 points to 4,305.20. The Dow gained 239.57 points, or 0.7%, to 34,152.01. The Nasdaq fell 25.50 points, or 0.2%, to 13,102.55.