Indian equity indices failed to hold record highs and snapped the three-day run to end flat in the volatile session on September 24 after Sensex and Nifty crossed 85,000 and 26,000, intraday, respectively.
At close, the Sensex was down 14.57 points or 0.02 percent at 84,914.04, and the Nifty was up 1.40 points or 0.01 percent at 25,940.40.
BSE Sensex and Nifty touched fresh high of 85,163.23 and 26,011.55, respectively
After a negative start, the market recovered in the initial hours and gyrated between gains and losses throughout the session but the final hour buying helped the main indices hit a fresh record high.
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The biggest Nifty gainers of the day were Tata Steel, Hindalco Industries, Power Grid Corp, Tech Mahindra, and Adani Enterprises, while losers included SBI Life Insurance, HUL, Grasim Industries, UltraTech Cement, and Shriram Finance.
On the sectoral front, the metal index rose 3 percent, oil & gas index was up 0.6 percent, power index added 1.4 percent. On the other hand, PSU Bank, FMCG, and telecom were down 0.5-1 percent.
The BSE midcap and smallcap indices ended on a flat note.
Nearly 300 stocks touched their 52-high on the BSE, including, Aditya Birla Fashion, Apollo Hospitals, AstraZeneca Pharma, Avenue Supermarts, Bajaj Auto, Balrampur Chini Mills, Bharti Airtel, Blue Star, Bosch, CG Power, Hero MotoCorp, Hindalco Industries, Ipca Labs, Jindal Saw, JM Financial, JSW Steel, Kajaria Ceramics, Kaynes Technologies, KPR Mill, M&M, Mankind Pharma, NTPC, Sapphire Foods, Sun Pharma, Tata Power, among others. Click to view full list
Outlook for September 25
Rupak De, Senior Technical Analyst, LKP Securities
The Nifty traded within a narrow range today, taking a breather after a three-day rally. The short-term sentiment remains positive, with the index staying above the critical 21-day EMA, supported by a bullish crossover in the daily RSI.
However, for the rally to continue, the Nifty must decisively break above the 26,000 level. Until then, we expect range-bound movement, with the index fluctuating between 25,800 and 26,000 over the next few hours to a few days.
Aditya Gaggar Director of Progressive Shares
The markets witnessed both bullish and bearish activity in today's trade as after a muted opening, the Index corrected a bit and oscillated in a thin range before the IT counters supporting the Index to surpass the psychological barrier of 26,000; however, towards the end of the session, wiped-off majority of its gains to settle at 25,940.40.
Among the sectors, Metal was the top gainer followed by IT and Auto while PSU Banking was the major laggard. The diverging trend was seen in the Broader markets where Midcaps outperformed the Frontline Index while Smallcaps ended the session in red.
A Spinning Top candlestick pattern was formed at record levels which indicates indecisiveness between the bulls and bears. A strong move above 26,000 will open doors for 26,100 while on the lower side, the zone of 25,800-25,850 will serve as a strong support area.
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