Sensex, Nifty Close At Record High
It turned out to be a terrific Tuesday on the Dalal-Street. The bull run clearly dominated throughout the day and drove the markets to its lifetime highs with the broader markets also reaching their upper levels in the intraday session. The Sensex and Nifty registered a high of 53,887.98 and 16,146.90, respectively at the close.
"What really provided support to the market was the 1QFY22 earnings report which begun on a very healthy note despite the Covid 2.0 impact," said Sneha Poddar, AVP, Research - B&D, MOFSL.
At close, the BSE Sensex was at 53,823.26, up by 872.73 points with just three declines in the overall kitty of 30 scrips. The Nifty-50 closed higher by 245.60 points at 16,130.75. The Nifty Bank index also jumped over a per cent led by strong buying interest throughout the day.
Commenting on the market performance today, Gaurav Garg - Head of Research at CapitalVia Global Research, said, "Indian market sentiment remained positive with the GST collection increasing and the manufacturing sector gaining a boost and posting the strongest rate of growth in the month of July amid the easing of COVID-related restrictions."
Shares of Titan Company jumped more than four per cent in the day's trade, while those of HDFC, Nestle, and IndusInd Bank advanced more than three per cent. More than 500 stocks hit their upper circuit, and around 525 shares logged fresh record highs in the markets today.
Except for metals, all major sectors ended in the green led by the strong bull run. Auto, Pharma, IT, and FMCG added over a per cent each in the day's trade and drove the indices higher.
On the technical front, experts believe that the Nifty index closing above 16,000 is a big positive for the short term sentiment in the market and will keep the markets in the upward direction. "While sustaining above 16000 is the key factor from a short-term perspective, maintaining above this level is important for market to gain momentum and extend the rally until 16200," said an expert.
In the overall market performance, 903 shares advanced and 883 shares declined in the NSE.
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