Sensex touched fresh record high of 53,057.11 in the opening trade. But the selling pressure in the second half of the day erased the gains that benchmark indices made in the first-half to end the day flat amid volatility.
At close, the Sensex was up 14.25 points or 0.03% at 52588.71, and the Nifty was up 26.30 points or 0.17% at 15772.80.
“The markets got a wee bit nervous at the 15900 level and corrected from there but the trend continues to remain positive. With a strong support at 15400, the Nifty seems to be headed to 16000-16100. Dips can be utilized to accumulate long positions for higher targets,” said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Among sectors, auto index gained 1.3 percent, while FMCG index ended in the red. BSE Midcap and smallcap indices ended in the green.
Top gainers included Maruti Suzuki, UPL, Shree Cements, Wipro and SBI Life Insurance, while losers were Asian Paints, Bajaj Finance, Nestle, HUL and Kotak Mahindra Bank on the Nifty.
Stocks & sectors
On the BSE, auto, power and capital good indices gain 1-2 percent, while some selling seen in the bank and realty names.
Among individual stocks, a volume spike of more than 600 percent was seen in PNB, BHEL and Adani Ports
Long buildup was seen in Colgate Palmolive, Shree Cements and Piramal Enterprises, while short buildup was seen in Torrent Power, TVS Motor and Britannia Industries.
More than 400 stocks, including Tata Consumer Products, Rolta India and Moil, hit a fresh 52-week high on the BSE.
The Nifty formed a bearish candle on daily scale near to its life time high zones which indicates that follow is required to commence the next leg of rally.
“The index has to hold above 15,750 zones to witness an up move towards 15,900 and 16,000 zones while on the downside support can be seen at 15,600 and 15,550 zones,” said Chandan Taparia of Motilal Oswal Financial Services.