India’s stock benchmarks closed at record for the third consecutive trading session aided by gains in Tata Steel Ltd. and index heavyweight Reliance Industries Ltd. There was relief on the macro-economy front as wholesale inflation eased for the second straight month in July.
The S&P BSE Sensex gained 0.26% to 55,582.58, a record close for the 30-stock index which hit a new high of 55,680.75 in intraday trade. The NSE Nifty 50 advanced by a similar magnitude to close at a record 16,563.05. The 50-stock index had hit a high of 16,589.40 in intraday trade.
Index heavyweight Reliance Industries provided the biggest boost to both indexes, rising as much as 2.67% in intraday trade following a Bloomberg report that said that Saudi Aramco is in advanced talks for an all-stock deal to acquire a stake in the Indian company’s oil refining and chemicals business. Tata Steel gained the most, advancing nearly 4%.
The broader indices underperformed larger peers with S&P BSE MidCap shedding 0.18% and S&P BSE SmallCap slipping 0.6%. Thirteen out of the 19 sectoral indices compiled by the BSE Ltd. declined, with S&P BSE Telecom falling 1%. On the flip side, S&P BSE Metal gained nearly 2%.
The market breadth was skewed in favour of bears. About 1,168 stocks advanced, 2,124 declined and 139 remained unchanged.
"Despite weak global market conditions, Indian markets maintained the bullish momentum amid sharp intraday volatility. On daily charts, benchmark index Nifty has formed a breakout continuation formation. The texture of the chart suggests the 16,450-16,400 level would act as a key support level for the day traders. As long as the index is trading above the same, the uptrend texture is likely to continue up to 16,600-16,640 levels. In the near future, the market may consolidate near 16,600 resistance level", Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities Ltd. wrote in a note.
Sensex, Nifty Close At Record Highs For Third Day Led By RIL, Tata Steel - BloombergQuint
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