Sensex, Nifty Retreat From Record Highs; Snap Three-Session Winning Streak: Market Wrap

After recording fresh highs in early trade, the benchmark stock indices settled lower on Monday, tracking losses in shares of Infosys Ltd., HDFC Bank Ltd. and Mahindra & Mahindra Ltd. The NSE Nifty 50 settled 30.95 points or 0.13%, lower at 23,259.20, and the S&P BSE Sensex ended 203.28 points or 0.27%, lower at 76,490.08.

During the day, the Nifty rose as much as 0.52% to a fresh high of 23,338.70 and the Sensex rose 0.35% to a record high of 77,079.40.

If the Nifty closes below the 23,200 level, it may see further corrections down to the 23,100 and 23,000 levels, according to Mandar Bhojane, a research analyst at Choice Broking.

On the flip side, if the index closes above the 23,350 level, it could reach an all-time high near 23,500 and above. The market is expected to remain sideways and volatile within the 23,100–23,400 range, Bhojane said.

Infosys, HDFC Bank, Mahindra & Mahindra, Tata Consultancy Services and Bajaj Finance weighed on the Nifty the most.

UltraTech Cement Ltd., Axis Bank Ltd., Power Grid Corp., Grasim Industries Ltd. and NTPC Ltd. limited losses in the index.

On the NSE, five sectors settled lower, one remained flat, and six advanced. The Nifty Realty, Auto and Pharma recorded fresh highs during the day.

On the NSE, the Nifty Midcap 150 and the Nifty Smallcap 250 touched life-time highs before settling 0.36% and 1.32% higher, respectively.

The broader markets outperformed the benchmarks, as the BSE MidCap rose 0.56% and the BSE SmallCap rose 1.04%.

On the BSE, 14 sectors closed higher and six ended in negative. Information technology was the top losing sector, while services emerged as the top gainer.

The market breadth was skewed in favour of the buyers as 2,630 stocks advanced, 1,362 declined and 137 remained unchanged on the BSE.