India's benchmark stock indices ended at a fresh record high for the fourth consecutive session on Thursday amid volatility, led by gains in Tata Consultancy Services Ltd. and Infosys Ltd.
The NSE Nifty 50 gained 187.85 points, or 0.76%, to end at a new record closing high of 24,800.85, and the S&P BSE Sensex gained 626.91 points, or 0.78%, to end at a fresh lifetime closing high of 81,343.46.
Intraday, the Nifty rose 0.91% to hit a fresh high of 24,837.75, and the Sensex gained 1.00% to a fresh high of 81,522.55.
"The benchmark indices continued positive momentum; the Nifty ended 188 points higher, while the Sensex was up by 627 points. Among sectors, the IT index outperformed and rallied over 2.20%, whereas the media index sharply shed 3.5%," said Shrikant Chouhan, head of equity research at Kotak Securities.
"Technically, after opening weak, the market (Nifty and Senex) successfully surpassed the short-term resistance of 24,700/81,000, and after a breakout, it intensified positive momentum. On daily charts, it has formed a bullish candle; on intraday charts, it is holding a breakout continuation formation, which is largely positive," Chouhan said.
For Nifty and Sensex, now 24,700 and 81,000 would act as a sacrosanct support zone, above which the indices could continue the positive momentum till 24,900–24,950 and 81,600–81,800, respectively, he said. On the flip side, below 24,700/81,000, traders may prefer to exit long positions. Below which it could retest the levels of 24,500–24,475 and 80,400–80,300, respectively, he said.
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Infosys Ltd., Tata Consultancy Services Ltd., Reliance Industries Ltd., ICICI Bank Ltd., and Mahindra & Mahindra Ltd. contributed to the benchmark.
HDFC Bank Ltd., Asian Paints Ltd., Coal India Ltd., Grasim Industries Ltd., and Hero MotoCorp Ltd. weighed on the index.
On NSE, five advanced, three declined, and four remained flat. The NSE Nifty Media declined the most, while the NSE Nifty IT rose the most. Earlier in the day the Nifty scaled a fresh high.
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Broader markets underperformed benchmark indices. The S&P BSE Midcap and Smallcap ended 0.99% and 1.15% lower, respectively.
On BSE, 13 sectors advanced, seven declined out of 20. The S&P BSE Industrials was the worst performing sector, and the S&P BSE IT and TECK were the best performing sectors on Thursday.
Market breadth was skewed in favour of the buyers. Around 2,497 stocks declined, 1,426 stocks rose, and 93 stocks remained unchanged on BSE.
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