Benchmark stock market: It indices registered a record close for the fourth consecutive session as IT and financial services stocks gained.
The S&P BSE Sensex ended 274 points higher at 65,479.05, while the NSE Nifty 50 settled 66.45 points higher at 19,389. Broader market indices started off the session on a strong note but ended with a mixed outlook.
Among sectoral indices, heavyweights Nifty IT, Nifty Financial Services and Nifty PSU Banks drove gains in the domestic market. Most other indices ended in the green, except Nifty Auto, Nifty Realty and Nifty Oil & Gas.
The top five gainers on the Nifty 50 were Bajaj Finance, Bajaj Finserv, Hero MotoCorp, Tech Mahindra and Sun Pharma. On the other hand, the top losers were Eicher Motors, Bharti Airtel, Grasim, Axis Bank and Reliance.
Om Mehra, research analyst at Choice, said, “The Indian market witnessed a straightforward rally on Tuesday, supported by positive FIIs inflow.”
Benchmark stock market: “Nifty has formed a long legged Doji pattern after four runaway gaps indicates bulls are in mood to book some profit after a fantastic rally. The market may consolidate amid a big surge, although stock-specific movement may persist. However with a pause; market would attempt to test 19,580-19,640 in coming days,” he said.
“Investors can add good quality stocks from Auto, FMCG and IT sectors; while traders are suggested to book some profits as well and with buy on decline strategy,” Mehra added. He also said market could face increased volatility over the next few days.
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