Sensex, Nifty, midcap index close at record high; realty stocks shine

It was yet another record-breaking day for the Indian market, as the benchmark indices along with the midcap index saw their highest close on June 3, supported by realty, oil & gas and infrastructure names.

At close, the Sensex was up 382.95 points, or 0.74 percent at 52,232.43, and the Nifty up 114.20 points, or 0.73 percent, at 15,690.40.

“Domestic markets witnessed a range bound rally with strong buying interest seen in realty and consumer durables with small and midcap stocks outperforming. The global market was cautious with the US and European markets trading in the red ahead of the release of key economic US data,” said Vinod Nair, Head of Research at Geojit Financial Services.

“In the wake of increasing inflationary pressure, the domestic market is awaiting tomorrow’s RBI MPC announcement which is expected to maintain its accommodative stance.”

Buying was seen in infra, metal, FMCG, energy and banking names, while pharma stocks remained under pressure.

The BSE midcap also touched a record high, gaining a percent. The smallcap index, too, closed a percent higher.

Titan Company, ONGC, Eicher Motors, Larsen and Toubro and Axis Bank were among the major gainers on the Nifty, while losers included IndusInd Bank, Wipro, Dr Reddy’s Lab, Cipla and Bajaj Auto.

Stocks & sectors

On BSE, all sectoral indices ended in the green, with oil & gas, realty and capital goods indices adding 1-4 percent.

Among individual stocks, a volume spike of more than 100 percent was seen in IndusInd Bank, Titan and Tata Chemicals.

Long buildup was seen in ONGC, Voltas and Titan, while short buildup was seen in IndusInd Bank, Deepak Nitrite and Motherson Sumi.

More than 350 stocks, including Titan, Ambuja Cements, Gammon Infra and Adani Enterprises, hit a fresh 52-week high on the BSE.

Technical View

The Nifty formed a bullish candle with lower shadow on daily scale, which indicates that every small decline was being bought in the market.

“The Nifty has to hold above 15,600 zones to witness an up move towards a fresh lifetime high of 15,800 and 16,000 zones, while on the downside, support exists at 15,550 and 15,431 zones,” said Chandan Taparia of Motilal Oswal Financial Services.