Taking Stock: Sensex-Nifty and Midcap all closed at record highs, realty stocks got wings

Today was another record breaking day for the Indian markets. Along with Sensex-Nifty, Midcap index showed the highest closing. In this, the biggest contribution was made by realty, oil & gas and infrastructure stocks.

At the end of trading, the Sensex closed at 52,232.43 with a gain of 382.95 points, or 0.74 per cent. On the other hand, the Nifty closed at 15,690.35 with a gain of 114.15 points, or 0.73 percent.

Vinod Nair of Geojit Financial Services Says that in today’s business range bound rally was seen on the strength of strong buying in realty and consumer durables in the domestic market. Small and medium stocks were also seen outperforming.

Global markets looked cautious ahead of the release of key US data. US and European markets are trading in the red mark. The domestic market is waiting for tomorrow’s RBI announcements amid rising inflationary pressures. The RBI is expected to maintain a conservative stance.

Today’s business saw buying in infra, metal, FMCG, energy and banking. On the other hand, there was pressure in pharma stocks.

BSE Midcap today touched a record high with a gain of 1 per cent. At the same time, the smallcap index also managed to close with a gain of 1 percent.

Titan Company, ONGC, Eicher Motors, Larsen and Toubro and Axis Bank were the gainers of Nifty. While IndusInd Bank, Wipro, Dr Reddys Lab, Cipla and Bajaj Auto were Nifty losers.

All sectoral indices closed in green on BSE in today’s trading. Oil and gas, realty and capital goods saw gains of 1-4 per cent.

If we look at the individual stocks, IndusInd Bank, Titan and Tata Chemicals saw more than 100 percent increase in volume.

Long builtup was seen in ONGC, Voltas and Titan. Whereas indusInd Bank, Deepak Nitrite and Motherson Sumi saw short built-up.

More than 350 stocks made their new 52-week high on BSE today, including Titan, Ambuja Cements, Gammon Infra and Adani Enterprises.

technical view

Chandan Tapadiya of Motilal Oswal Financial Services Let’s say that Nifty has formed a Bullish candle with lower shadow on Daily Scale today which indicates that buying is taking place on every fall.

He further said that Nifty has to maintain its new life time high of 15,800 and then above 15600 to move towards 16000 after that. On the downside, support is visible for Nifty in the 15,550 and 15,431K zones.

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