Headline indices Sensex and Nifty ended in the green on August 10 amid mixed global cues.
After a positive open, the Sensex and Nifty hit fresh record highs of 54,779.66 and 16,359.25, respectively, intraday. Both indices retreated a little through the day but managed to settle with gains for the second consecutive session.
In contrast, second-rung mid and small caps continued reeling under pressure for the second consecutive session.
Sensex closed 152 points, or 0.28 percent, up at 54,554.66 while Nifty ended 22 points, or 0.13 percent, up at 16,280.10.
BSE Midcap index fell 0.85 percent but the smallcap index suffered strongly, falling 2.05 percent.
Bharti Airtel, Tech Mahindra, HDFC, Kotak Mahindra Bank and Mahindra & Mahindra remained the top gainers in the Sensex index.
On the flip side, Tata Steel, Power Grid, NTPC, ITC and Bajaj Auto remained the top laggards in the Sensex kitty.
"Domestic market remained highly volatile as the early gains were trimmed off following selling pressure in global markets. Concerns over an early withdrawal of asset purchase programs by the Federal Reserve and US CPI inflation data to be released this week impacted the global market," said Vinod Nair, Head of Research at Geojit Financial Services.
"After a steady rally during the previous months, the small and midcap stocks are witnessing consolidation for the past few trading sessions while buying interest has shifted to largecaps. The third wave of COVID-19 and fall in liquidity will be a lethal combination for highly-priced mid and small caps," Nair said.
Sector and stocks
With a loss of 2.72 percent, BSE Metal emerged as the top loser among the sectoral indices, followed by BSE Basic Materials which lost 2.21 percent. Realty, power, utilities and industrials indices fell up to 2 percent.
On the other hand, BSE Telecom bucked the trend and jumped 2.07 percent. BSE Teck and IT indices logged gains of 0.89 percent and 0.66 percent, respectively.
More than 250 stocks, including Apollo Pipes, Deepak Nitrite, IRCTC, Jubilant FoodWorks, Laurus Labs, Mphasis, Tata Chemicals and Thirumalai Chemicals hit their fresh 52-week highs in intraday trade on BSE.
Similarly, more than 200 stocks, including Future Retail, Rajnish Wellness, ANG Lifesciences India, Earum Pharmaceuticals and Kwality Pharmaceuticals, hit their upper circuits in intraday trade on BSE.
Tech view
Nifty formed a Doji candle on the daily chart and continued trading within a small range and a reversed from the support level around 16,200.
As per Ashis Biswas, Head of Technical Research at CapitalVia Global Research, the level of 16,200 is critical for the market for the short-term and if the market sustains above this level, it may go till 16,450-16,500 level.
Rohit Singre, Senior Technical Analyst at LKP Securities pointed out that Nifty formed a Doji candle pattern on the daily chart for the second consecutive day which hints indecision in the market.
"Nifty again respected the support level of 16,200 as expected and we witnessed good pullback from the same level. As long as Nifty is above 16,200, it may see some extension in existing consolidation zone of 16,200-16,350," said Singre.
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