Sensex, Nifty Surge For Tenth Session In A Row; Close At Record Highs

The S&P BSE Sensex and NSE Nifty 50 indexes rose for tenth session in a row to close at record highs on Tuesday led by gains in banking and information technology shares. The benchmarks staged a gap down opening mirroring losses in other Asian markets however, sustained buying in banking and information technology shares helped benchmarks recover from intraday lows. The Sensex rose as much as 583 points from the day's lowest level and Nifty 50 index touched record high of 14,215.60.

The Sensex advanced 261 points to close at record high of 48,437.78 and Nifty 50 index climbed 67 points to close at an all-time high of 14,200.

Sustained buying by foreign institutional investors led to benchmarks extending record-breaking streak to seventh session in a row. The FIIs on Monday bought shares worth Rs 1,843 crore after they invested record Rs 1.70 lakh crore in calendar year 2020.

Eight of 11 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty IT index's 2.6 per cent gain. Nifty Private Bank, Bank and Financial Services indexes also rose over 1 per cent each.

On the other hand, auto, metal and realty shares witnessed some selling pressure.

Mid- and small-cap shares also witnessed buying interest as Nifty Midcap 100 index rose 0.7 per cent and Nifty Smallcap 100 index advanced 0.6 per cent.

Axis Bank was top Nifty gainer, the stock rose 6.3 per cent to close at Rs 664. HDFC, IndusInd Bank, HDFC Life, Wipro, Tata Consultancy Services, Asian Paints, HCL Technologies, Nestle India and Hindustan Unilever also rose between 1-3 per cent.

On the flipside, ONGC, JSW Steel, Hindalco, Tata Steel, Bajaj Finance, Coal India, NTPC, Mahindra & Mahindra, Reliance Industries and BPCL were among the losers.

The overall market breadth was positive as 1,781 shares ended higher while 1,288 closed lower on the BSE.