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Sensex closes in green, Nifty falls a bit after reaching all time high
Mumbai: In the closing moments of today's stock market session, the Sensex managed to finish in the green, while the Nifty fell by just 3.15 points after reaching an all-time high of 20,110.
The day began positively with the indices opening in the green, and Nifty touching the all-time high. However, as the day progressed, some profit booking was witnessed, leading to a mixed market closing.
At the close of trading, the Sensex was up by 94.05 points, closing at 67,221.13, while the Nifty was down 3.15 points, ending at 19,993.20. Among the Nifty companies, there were 21 advances and 29 declines.
Top gainers included TCS, LT, Infosys, Ultra Cement, and Dr. Reddy.
On the flip side, BPCL, NTPC, Power Grid, Adani Enterprises, and Coal India were the top losers at the market's closing.
Varun Aggarwal, founder and Managing Director of Profit Idea, noted, "Nifty hit an all-time high of 20,110 today, nearly in line with expectations. The market saw slight profit booking today, particularly in mid and small-cap shares."
He added, "Banking, IT, and Engineering & Construction stocks performed well. Heavyweight HDFC Bank, as expected, closed positively, helping the market maintain a flat close despite the turbulence in mid and small caps."
Aggarwal suggested that the bias remains positive, with strong put writing at 19,500 levels, indicating consolidation or a bullish move in the index. He also mentioned that sectors like banking, IT, and infrastructure appear bullish, with momentum expected to continue.
Indian stock indices continued their upward trend from the previous session, with Nifty achieving an all-time high. Just yesterday, the Nifty 50 breached the 20,000 mark for the first time in history.
The benchmark indices have gained over 3% each in the past week, following India's robust GDP growth rate of 7.8% in the first quarter of 2023-24. This growth rate, coupled with other positive economic indicators, has buoyed investor sentiment.
As the day concluded, investors were eagerly awaiting India's retail inflation data for August, which could provide further cues for the market. Retail inflation in India had spiked sharply in July to 7.44%, surpassing the Reserve Bank of India's upper tolerance target of 6%. This increase was primarily attributed to rising prices of vegetables, fruits, and pulses.
The Indian economy's strong performance, coupled with ongoing economic data releases, continues to shape market dynamics, as investors monitor the broader economic landscape for investment opportunities.