IT And Realty Stocks Send Sensex, Nifty Higher

Gains in heavyweight index stocks and major technology stocks pushed the benchmark indices thereby contributing to the fresh highs recorded on Monday, September 6. The BSE Sensex hit a new high of 58,515.85 and the Nifty-50 touched 17,429.55. 

The BSE Sensex ended the session higher by 166.96 points at 58,296.91, and the Nifty-50 index added 54.20 points at 17,377.80. Shares of HCL Tech bagged the top position in 30-share pack as the stock advanced more than two per cent, while Reliance and Infosys gained over a per cent each and contributed the most in terms of value. 

Sector-wise, the IT pack was the top performer as the index gained over a per cent led by shares of Wipro(+4.79 per cent), MphasiS (+2.49 per cent), and HCL Tech(+2.16 per cent). Auto, Metal, and Energy were other gainers, while Pharma, FMCG, and Banks ended in the red. 

Amid the sustained rally in the equity markets, experts are of a view that a small correction is due anytime soon as the markets are currently overbought and a healthy correction will be welcomed which will further lead the markets to better figures in the near future. 

Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities, said, "The markets being in an overbought situation could trigger a quick intraday correction if it trades below 17330 support level." 

In the overall market performance on Monday, 1657 shares advanced, 1589 shares declined, and 165 shares were unchanged.

Ruchit Purohit

BW Reporters The author is a Trainee Journalist at BW Businessworld based in Mumbai. He tracks the Markets and related news.