New Delhi (TIP)- Benchmark stock market indices continued their upward tick to hit a record high for the sixth session led by a rally in IT stocks.
The S&P BSE Sensex added 67.47 points to 85,903.59, while the NSE Nifty50 gained 14.70 points to 26,230.75 as of 9:25 AM.
Infosys topped the list of Nifty50 gainers, rising by 2.58%, with Hindalco Industries close behind, gaining 2.53%. Wipro also saw a strong performance, increasing by 2.50%. Larsen & Toubro Infotech (LTI) and Tech Mahindra recorded gains of 2.17% and 2.15%, respectively.
On the losing side, Power Grid Corporation took the biggest hit, dropping 2.64%. Larsen & Toubro (L&T) experienced a decline of 2.53%, while Bharti Airtel fell by 1.96%. Oil and Natural Gas Corporation (ONGC) slipped by 1.24%, and Mahindra & Mahindra (M&M) ended the day down 0.71%. Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services said that an important trend emerging in the market is the clear outperformance of largecaps over mid and small caps.
“The outperformance has been pronounced during the last five trading days which saw Nifty appreciate by 2.85% against a mere 0.6% up move in the small cap index. This is a healthy trend which can impart resilience to the market and, given the gush of domestic liquidity, take it higher. It appears that smart money is moving from mid and small caps to largecaps,” he added. Several sectors recorded gains, with Nifty IT leading the pack, rising by 1.79%. Nifty Metal followed closely, increasing by 1.37%. Nifty Consumer Durables saw a solid rise of 0.64%, while Nifty Pharma advanced by 0.52%. Other sectors that performed well included Nifty PSU Bank, up by 0.51%, Nifty Healthcare Index, which gained 0.41%, Nifty Oil & Gas with a rise of 0.35%, Nifty Auto up by 0.25%, and Nifty FMCG, edging higher by 0.18%.
While some sectors experienced losses. Nifty Realty had the sharpest decline, falling by 0.77%. Nifty Media also dropped by 0.39%. The financial services sector showed some weakness as well, with Nifty Financial Services down by 0.24% and Nifty Financial Services 25/50 slipping by 0.04%. Nifty Bank fell by 0.14%, while Nifty Private Bank edged lower by 0.01%. Nifty Midsmall Healthcare also declined by 0.18%.