Indian stock benchmarks closed at record highs for the seventh consecutive session on Monday, led by gains in Reliance Industries, Infosys, HCL Technologies, HDFC, Hindustan Unilever and Tech Mahindra. The Sensex rose a whopping 386 points to hit a record high of 58,515.85 and the Nifty 50 index hit a record high of 17,429.55.
The Sensex rose 167 points to close at a record high of 58,207 and the Nifty 50 index climbed 54 points to close at a record high of 17,378.
“The Nifty 50 index witnessed a somewhat lackluster move and failed to maintain the key psychological level of 17400. It will be critical for the Nifty to stay above 17,250 in the near term to reach higher levels from 17,450-17,500. Momentum indicators such as RSI and MACD indicate that positive outlook will continue,” said Ashis Biswas, chief of technical research at CapitalVia Global Research.
Twelve of the 19 sector meters compiled by the BSE ended higher, led by the nearly 3 percent gain of the S&P BSE Realty index. Indices for information technology, consumer durables, autos, energy and consumer luxury goods and services also rose between 0.5 and 1.5 percent.
On the other hand, telecom, banking, energy and oil and gas stocks were under selling pressure.
Reliance Industries was among the top Nifty winners, its stock rose nearly 2 percent and closed at the record high of Rs 2,429 after the company acquired a stake in Strand Life Sciences for a consideration of Rs 393 crore.
Wipro, HCL Technologies, Infosys, Tech Mahindra, Grasim Industries, Eicher Motors, Cipla, Mahindra & Mahindra, Hero MotoCorp and Bajaj Auto were also among the winners.
On the other hand, Indian Oil, IndusInd Bank, ONGC, Britannia Industries, Kotak Mahindra Bank, Sun Pharma, ITC, JSW Steel and HDFC Bank were among the losers.
Overall market size was neutral as 1,686 stocks finished higher while 1,622 closed lower on the BSE.