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Sensex closes at record high, Nifty above 16,600 for first time; IT, pharma shares lead gains

Sensex closes at record high, Nifty above 16,600 for first time; IT, pharma shares lead gains

During the session, Sensex scaled a lifetime high of 55,854 and Nifty logged a record of 16,628

Bulls march ahead Bulls march ahead

Benchmark indices ended at record highs today, tracking gains in index majors Tech Mahindra, TCS, Titan and Infosys despite weak global markets. Sensex closed 209 points higher at 55,792 and Nifty advanced 51 points to 16,614.

During the session, Sensex scaled a lifetime high of 55,854 and Nifty logged a record of 16,628.

Tech Mahindra was the top Sensex gainer, rising over 3 per cent, followed by TCS, Nestle India, Titan, Infosys and HUL.

IndusInd Bank, NTPC, Bharti Airtel, Tata Steel and L&T were the the laggards.

Markets defy global cues

IT shares led the gains with BSE IT index closing 766 points higher at 33,651. Strong June quarter performance reported by IT companies and healthy guidance helped these stocks to see a sharp rally.

Healthcare stocks too added to market gains with their BSE index zooming 354 points to end at 26,224.  

On the other hand, metal shares saw profitbooking with the BSE metal index slipping 566 points to 20,975.

However, BSE mid cap and small cap indices rose 161 points and 79 points, respectively.  

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan said, "The hourly chart shows that Nifty found support near the 20 hour moving average and took a leap toward the hourly upper Bollinger Band. The daily upper Bollinger Band continues to stretch higher, which is making room for the index on the upside.

Nifty has crossed the level of 16,600 on a closing basis and is on the course towards 16,800 on the upside. On the other hand, 16,500-16,450 has been providing cushion on the downside for the last couple of sessions and is expected to continue with its role of a support zone."

Market breadth was negative with 1,136 shares ending higher against 2,036 falling on BSE.

Market cap of BSE-listed firms rose to a record of Rs 240.84 lakh crore.

Meanwhile, rupee declined 11 paise to close at 74.35 due to a stronger dollar in the overseas markets.

During the session, the local unit touched an intra-day high of 74.21 and a low of 74.36 against the US currency. On Friday, the rupee had settled at 74.24 against the US dollar.

Global markets

In early trading, FTSE 100 in London was down less than 0.1% at 7,150.25. DAX in Frankfurt declined 0.3% to 15,871.65 and CAC 40 in Paris sank 0.5% to 6,804.12.

On Wall Street, futures for the S&P 500 index and the Dow Jones Industrial Average were off 0.4%.

In Asia, Shanghai Composite Index lost 2% to 3,449 and Hang Seng in Hong Kong sank 1.6% to 25,750. Nikkei 225 in Tokyo slipped 0.4% to 27,424 after spending most of the day in positive territory.

Kospi in Seoul retreated 0.9% to 3,143 and Sydney's S&P-ASX 200 shed 0.9% to 7,511.

Meanwhile, international oil benchmark Brent crude fell 0.24 per cent to $69.34 per barrel.

Published on: Aug 17, 2021, 4:43 PM IST
Posted by: Aseem Thapliyal, Aug 17, 2021, 4:35 PM IST