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Sensex rises 255 points to record high, Nifty ends above 15,900

Sensex rises 255 points to record high, Nifty ends above 15,900

Sensex rose 255 points to close at an all-time high of 53,158 and Nifty climbed 70 points to all-time high of 15,924

 Top Sensex gainers were HCL Tech, L&T, Tech Mahindra, HDFC Bank, UltraTech Cement, ITC and Tata Steel rising up to 5.10%. Top Sensex gainers were HCL Tech, L&T, Tech Mahindra, HDFC Bank, UltraTech Cement, ITC and Tata Steel rising up to 5.10%.

Sensex and Nifty closed at their all-time highs tracking gains in IT and capital goods shares amid mixed global cues. Sensex rose 255 points to close at an all-time high of 53,158. The index touched a record peak of 53,266.12 intra day. Similarly, Nifty rose 70.25 points to its all-time high of 15,924.20.

The 50 stock index touched a record intra-day peak of 15,952. BSE mid cap and small cap indices rose 71 points and 111 points, respectively.

Top Sensex gainers were HCL Tech, L&T, Tech Mahindra, HDFC Bank, UltraTech Cement, ITC and Tata Steel rising up to 5.10%.

On the other hand, Bharti Airtel, M&M, Asian Paints, Titan and Sun Pharma were among the laggards, falling up to 0.84%.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas said, "Nifty posted a positive daily close for the fourth consecutive session. It recently broke out from a triangular pattern on the hourly chart & the follow through continues on the upside.

After multiple failed attempts, the index managed to cross the key barrier of 15900 on a closing basis today. Along with the price breakout, the daily momentum indicator has started a new cycle on the upside. The daily Bollinger Bands are also about to start expansion after a contraction phase. So, all these observations suggest that the Nifty is set to head towards north. It is expected to surpass the 16,000 mark & head towards 16,400."

Taking market to record highs, BSE IT index closed 360 points higher at 30,414 and BSE capital goods index surged 474 points to 23,749.

 Market breadth was positive with 1,662 shares rising against 1,576 falling on BSE.  128 shares were unchanged.

Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities said, "The extended upsurge helped key indices move past the trading range on the upward boundary at 15,915/53,129. The development is positive as this might push the market towards 16,100/53,600 levels.

Despite the weekly expiry pressure, the market remained firm even after hitting new highs. The strategy should be to buy on dips. The earlier resistance of 15900/15870 (53100/53000) levels would act as major support and buying is advisable if Nifty drops to these levels. Investors should keep a final stop loss at 15,770/52,600 for the same. On the higher side, 16,000/53,400 and 16,100/53,600 levels would be the main obstacles."

Meanwhile, rupee pared some of its initial gains to close 5 paise higher at 74.54 against the US dollar on Thursday amid a firm trend in domestic equities. On Wednesday, the rupee had settled at 74.59 against the US dollar.

Global markets

Global shares were mostly lower on Thursday after China reported its economic growth slowed in the April-June quarter to a still robust 7.9%.

France's CAC 40 slipped 0.2% in early trading to 6,547.07. Germany's DAX edged down 0.5% to 15,710.47, while Britain's FTSE 100 gained less than 0.1%, to 7,096.79.

The future for the Dow Jones Industrial Average lost 0.2%. The S&P 500 future was nearly unchanged.

Japan's benchmark Nikkei 225 slipped 1.2% to finish at 28,279.09. Australia's S&P/ASX 200 slipped 0.3% to 7,335.90. South Korea's Kospi added 0.7% to 3,286.22. Hong Kong's Hang Seng added 0.8% to 27,996.27, while the Shanghai Composite rose nearly 1.0% to 3,564.59.

Meanwhile, international oil benchmark Brent crude declined 0.70 per cent to USD 74.24 per barrel.