Nifty, Sensex End Lower As RIL, Titan, L&T Drag: Market Wrap
The NSE Nifty 50 rose to a fresh high of 22,768.40, and the S&P BSE Sensex gained to a record 75,124.28.
India's benchmark indices gave up all early gains to end lower, tracking losses in heavyweights Reliance Industries Ltd., Titan Co., and Larsen and Toubro Ltd.
The NSE Nifty 50 ended 24.55 points, or 0.11%, lower at 22,641.75, and the S&P BSE Sensex closed 58.80 points, or 0.079%, down at 74,683.70. The NSE Nifty 50 rose to a fresh high of 22,768.40, and the S&P BSE Sensex gained to a record 75,124.28.
The NSE Nifty Bank index also scaled to a fresh high of 48,960.75, led by gains in ICICI Bank Ltd. and Axis Bank Ltd.
The Bank Nifty demonstrated resilience at higher levels, said Kunal Shah, senior technical and derivative analyst at LKP Securities. It finds support at 48,000, coinciding with significant open interest in put options. With a bullish undertone prevailing, downturns are seen as buying opportunities for the index, he said.
Reliance Industries Ltd., Larsen and Toubro Ltd., Titan Co., ITC Ltd., and Tata Consultancy Services Ltd. put pressure on the index.
ICICI Bank Ltd., Infosys Ltd., Apollo Hospitals Enterprises Ltd., Hindalco Industries Ltd., and Bajaj Finserve Ltd. added to the gains in the index.
On NSE, seven stocks ended lower and five ended higher out of 12. The NSE Nifty Metal rose the most among its peers, and the NSE Nifty Media index fell the most among sectoral indices.
Broader markets were mixed. The S&P BSE Midcap index ended 0.47% lower and the S&P BSE Smallcap index also ended 0.15% down.
On BSE Ltd., 10 sectors advanced and 10 sectors declined out of 20. The S&P BSE Consumer Durables fell the most.
Market breadth was skewed in favour of sellers. On the BSE, 2,228 stocks declined, 1,618 stocks advanced, and 105 remained unchanged.
