Sensex, Nifty hit record highs for 6th consecutive session
What's the story
The Sensex and Nifty 50 have continued their record-breaking streak, reaching new all-time highs today.
This surge marks the sixth consecutive session of the benchmarks hitting record highs.
The upward movement was primarily driven by gains in IT and FMCG stocks, following the US Federal Reserve's initiation of its monetary easing policy last week.
Market details
Market performance and key milestones
At 12.10pm the Sensex was up 283 points or 0.33% at 85,452 and the Nifty was up by 83 points or 0.31% at 26,087.
During this session, Sensex touched a lifetime high of 85,465.63 while Nifty reached a key milestone of 26,096.90.
The market saw about 1,429 shares advance against a decline in approximately 1,135 shares with around 123 shares remaining unchanged.
Sector performance
IT and FMCG stocks fuel market surge
The Nifty IT index climbed 0.7%, driven by gains in major stocks like Infosys, TCS, and HCLTech.
After a two-day slump, Nifty FMCG recovered rising 0.5% with ITC, Nestle India, and Tata Consumer leading the charge each advancing by around 1%.
However, both the BSE Midcap and Smallcap indices slipped 0.3% indicating that the broader market lagged behind in this upward trend.
Stock highlights
Top performers and losers in Nifty 50
Among individual stocks, Nestle India, LTI Mindtree, SBI Life Insurance Company, Tata Consumer Products, and Maruti Suzuki India emerged as the top Nifty 50 performers gaining 1-2%.
On the flip side Hindalco Industries Limited, Coal India Limited, Power Grid Corporation of India Limited (PGCIL), Oil and Natural Gas Corporation (ONGC), and Hero MotoCorp declined by 1-3% marking the session's biggest losers.
Expert opinions
Analysts' insights on market trends and future outlook
Ruchit Jain, Lead Research Analyst at 5paisa, noted that foreign institutional investors (FIIs) have been buying heavily in index futures with around 75% of the positions being long.
He also stated that retail investors and High Net Worth Individuals (HNIs) have largely stayed on the short side.
Hardik Matalia, Derivative Analyst at Choice Broking, suggested that Nifty 50 is likely to face resistance at 26,050-26,100 levels and find support at 25,900 followed by 25,800.