Indian shares continued their winning momentum on May 31, with benchmark indices rising a percent each and the Nifty hitting a fresh record high of 15,606.35. At close, the Sensex was up 514.56 points, or 1 percent, at 51,937.44, and the Nifty was up 147.10 points, or 0.95 percent, higher at 15,582.80.
For the month of May, the Sensex and the Nifty rose 6.5 percent each.
"We have successfully achieved the 15,600 target and the index is all set to approach its next target of 15,900. There could be a pause or bouts of profit booking in the interim but that should be utilised to accumulate long positions for higher targets," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
"As long as the market closes above the 15n300 level, the trend remains bullish and opportunities to buy on corrections should be maximised," he added.
Among sectors, except IT, auto and PSU bank, all sectoral indices ended in the green. BSE midcap and smallcap indices also ended higher.
Top gainers included Reliance Industries, ICICI Bank, JSW Steel, Bharti Airtel and Dr Reddy’s Laboratories, while M&M, Adani Ports, L&T, Infosys and IOC were among the biggest losers.
Stocks & sectors
On the BSE, bank, FMCG, metal, oil & gas, realty and power indices rose 1-2 percent.
Among individual stocks, a volume spike of more than 100 percent was seen in Aurobindo Pharma, Gujarat Gas and Divis Laboratories.
Long buildup was seen in Petronet LNG, LIC Housing Finance and IGL, while short buildup was seen in M&M, UBL and Aurobiondo Pharma.
More than 300 stocks, including Redington, PNB Housing Finance and Grasim Industries, hit a fresh 52-week high on the BSE.
Technical View
The Nifty formed a strong bullish candle on the daily scale and continued its formation of higher highs of the last seven sessions.
"The Nifty has to hold above 15,500 zones to witness an up move towards a fresh lifetime high of 15,750 zones, while on the downside, support exists at 15,431 and 15,300 zones," said Chandan Taparia of Motilal Oswal Financial Services.
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