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Sensex, Nifty close at record highs; consumer durables, IT shares lead gains

Sensex, Nifty close at record highs; consumer durables, IT shares lead gains

Sensex ended 476 points higher at 58,723 and Nifty advanced 139 points to 17,519

During the day, Sensex touched an all-time high of 58,777 and Nifty reached an all-time peak of 17,532.70.  Market capitalisation of BSE-listed firms reached a record high of Rs 259.68 lakh crore. During the day, Sensex touched an all-time high of 58,777 and Nifty reached an all-time peak of 17,532.70. Market capitalisation of BSE-listed firms reached a record high of Rs 259.68 lakh crore.

Benchmark indices closed at record highs today led by gains in IT and consumer durables shares. Sensex ended 476 points higher at 58,723 and Nifty advanced 139 points to 17,519.

During the day, Sensex touched an all-time high of 58,777 and Nifty reached an all-time peak of 17,532.70.

Market capitalisation of BSE-listed firms reached a record high of Rs 259.68 lakh crore.

Bulls in action

NTPC was the top Sensex gainer rising 7.16 per cent, followed by Bharti Airtel, Titan, HCL Tech, SBI, PowerGrid, TCS and IndusInd Bank.

Asian Paints, Axis Bank, UltraTech Cement, Bajaj Finance and Nestle India were among the top Sensex losers, falling up to 0.38%.

Of 30 Sensex shares, 21 ended higher.

The market sentiment was also buoyed by Union Cabinet announcements linked to telecom and auto sectors.

The Union Cabinet approved a relief package for the telecom sector that includes a four-year moratorium on payment of statutory dues by telecom companies as well as allowing 100 per cent foreign investment through the automatic route.

Shares of Bharti Airtel, Vodafone Idea and Reliance Industries rose up to 7% on an intra day basis today.

Bharti Airtel share hit all-time high of Rs 734.95, rising 5.89% against previous close of Rs 694.10.

Share of troubled telco Vodafone Idea gained 7.01% intra day to Rs 9.30 against previous close of Rs 8.69 on BSE.

Share of Reliance Industries (parent of Reliance Jio) rose over 1% to Rs 2,395  against previous close of Rs 2,368 on BSE.

The Cabinet also approved a Rs 26,058 crore production linked incentive (PLI) scheme for the auto, auto-components and drone industry to enhance India's manufacturing capabilities.

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities said, "Bulls were back in action and both benchmark indices closed at fresh record highs on renewed buying support, which was missing in the last few sessions. After a firm opening, Nifty cleared the important resistance of 17,450. The intraday index rally was largely aided by strong investor participation in the telecom and oil & gas stocks.

Technically, post the 17,450 range breakout, the index succeeded to close above 17,500, which indicates a strong possibility of a continuation uptrend wave up to 17,575. Above the same, the index could rally up to 17,625, whereas trading below 17,450 may trigger a quick intraday correction up to 17,400-17,350 levels."

Sensex has risen 22.98% or 10,971 points and Nifty has climbed 25.30% or 3,537 points since the beginning of this year.

In a year, Sensex zoomed 50.40% or 19,678 points and Nifty clocked a stellar rally of 52.05% or 5,997 points.

Sahaj Agrawal, Head of Research- Derivatives at Kotak Securities said, "Nifty continues to trade with a positive bias for the short as well and medium term. We expect the index to conquer 18,000 and above in the medium term. Last matured support for the index is seen at 17,080 above which we remain positive. Options concentration is seen at 17,000 put and 17,500 call - this is indicative of some resistance at 17,500-17,600 levels. Value is seen in auto and mid-cap banking stocks; expect outperformance in the midcap space to continue."


BSE mid cap and small cap indices rose 162 points and 241 points, respectively.

On a sectoral basis, consumer durables and IT shares led the gains with their BSE indices ending 657 points and 595 points higher, respectively.

BSE bankex too gained 254 points to close at 42,069. All 19 BSE sectoral indices ended in the green.

Foreign institutional investors (FIIs) were net buyers in the capital market as they purchased shares worth Rs 1,649.60 crore on Tuesday, as per provisional exchange data.

Market breadth was positive with 2,055 shares ending higher against 1,246 shares closing in the red. 120 shares were unchanged.

Elsewhere in Asia, bourses in Shanghai, Tokyo and Hong Kong ended with losses, while Seoul closed in the green. Equities in Europe were trading on a mixed note in mid-session deals.

Meanwhile, international oil benchmark Brent crude spurted 1.05 per cent to $74.37 per barrel at 58,723 and Nifty advanced 139 points to 17,519.