Business

Markets Shed Gains After Record High, Sensex Closes At 84,914

Indian equity indices closed flat on Tuesday after touching new all-time highs, driven by positive global market sentiments. Sensex dropped 14 points to settle at 84,914, while Nifty gained one point to close at 25,940. Earlier, Sensex and Nifty reached new intraday highs of 85,163 and 26,011, respectively.

Sectoral Performance and Market Movers

Selling pressure hit banking stocks, with Nifty Bank ending 137 points lower at 53,968. Nifty midcap 100 gained 138 points, closing at 60,850, while Nifty smallcap 100 fell 108 points to 19,440. Among sectoral indices, auto, IT, pharma, metal, energy, infra, and PSE sectors advanced, while PSU Bank, financial services, FMCG, realty, and private banks declined.

Top Sensex gainers included Tata Steel, Power Grid, Tech Mahindra, and HCL Tech. Major losers were HUL, UltraTech Cement, IndusInd Bank, and Kotak Mahindra Bank.

Expert Analysis: Factors Behind the Rally

Vikram Kasat, Head of Advisory at Prabhudas Lilladher, attributed the rally to strong corporate earnings, robust macroeconomic indicators, and increased foreign institutional inflows. He also cited optimism around India’s economic resilience amid global challenges like inflation and geopolitical risks.

Rupak De, Senior Technical Analyst at LKP Securities, noted that Nifty remained range-bound after a three-day rally. He highlighted that breaking above the 26,000 level is crucial for the rally to continue. Until then, Nifty is likely to fluctuate between 25,800 and 26,000 in the coming days.

Also Read: S&P Global Ratings Maintains India’s GDP Growth Forecast At 6.8% for FY25, Cuts China’s Projection

Ajaypal Choudhary

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