Both the indices, however, cooled off later and closed with tepid gains.
Nifty 50 closed with a gain of 34 points, or 0.16 per cent at 21,453.10 while the Sensex ended at 71,437.19, up 122 points, or 0.17 per cent.
The BSE Smallcap index also hit its fresh record high of 42,544.95 during the session, before settling at 42,327.60, up 0.10 per cent.
However, the midcap index failed to perform. The BSE Midcap index ended with a loss of 0.31 per cent at 36,186.10.
Lately, the market has been surging to unprecedented heights, buoyed by robust macroeconomic indicators, substantial investments from both domestic and international players, a consistent downturn in US bond yields, and the anticipation of political continuity post-General Elections. Moreover, there's an optimistic outlook for potential interest rate cuts in the upcoming year, further bolstering market confidence.
On Tuesday, nearly 360 stocks, including IndusInd Bank, Larsen & Toubro, Nestle, NTPC, SBI, and Sun Pharma, hit their fresh 52-week highs in intraday trade on BSE.
Top gainers in the Nifty 50 index
25 stocks closed with gains in the Nifty 50 index.
Shares of Coal India (up 6.14 per cent), Nestle (up 4.70 per cent) and NTPC (up 2.11 per cent) ended as the top gainers in the Nifty 50 index.
Top laggards in the Nifty 50 index
Shares of Adani Ports and Special Economic Zone (down 1.76 per cent), Wipro (down 1.58 per cent) and Adani Enterprises (down 1.36 per cent) ended as the top laggards in the Nifty 50.
Sectoral indices today
Nifty FMCG index clocked a gain of 1.41 per cent, ending as the top gainer among the sectoral indices.
Nifty Consumer Durables (up 0.82 per cent), Oil & Gas (up 0.80 per cent) and PSU Bank (up 0.79 per cent) also clocked significant gains.
On the flip side, Nifty IT (down 0.95 per cent), Auto (down 0.75 per cent), Media (down 0.74 per cent) and Metal (down 0.67 per cent) ended as the top losers among sectoral indices.
Nifty Bank ended flat at 47,870.90.
Experts' views on markets
"The broader market sustained its optimism, but the incremental rally is contracting. Investors are cautious ahead of the Eurozone inflation data announcement, which is forecast to drop marginally. The dovish stance by BOJ maintained the market sentiments. Amid this, the price of oil stabilised as the US government announced plans to protect the shipping route through the Red Sea. After the recent rally of growth stocks, investors are exhibiting interest in consumption stocks as a bargaining strategy," said Vinod Nair, Head of Research at Geojit Financial Services.
"We are seeing buying interest on every dip in the index and that reaffirms our bullish view. The defensives, such as FMCG and pharma are doing well on the expected lines, however, the participation of rate sensitives would be essential to trigger the next leg of up move. Meanwhile, it is critical to identify the pattern of rotational buying across sectors and place the trading positions accordingly," said Ajit Mishra, SVP - Technical Research, Religare Broking.
Technical views on Nifty 50
Mandar Bhojane, a research analyst at Choice Broking observed that the Nifty 50 formed a Hammer candlestick pattern on the daily chart, suggesting potential bullish momentum.
Bhojane believes if the Nifty surpasses the 21,500 level, there is positional potential for an upward movement to 21,650 and 21,750 in the coming days.
"The Nifty is expected to consolidate within a range of 21,230 to 21,500. On the downside, crucial support is positioned at 21,300–20,200, while resistance is situated at 21,500–21,700. Overall, the trend is positive, and the current dip should be considered a buying opportunity," said Bhojane.
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Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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Published: 19 Dec 2023, 03:30 PM IST
Stock Market Today: Nifty 50, Sensex hit fresh record highs; midcaps falter | Mint - Mint
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