The Indian market ended at a fresh closing peak on September 3 owing to strong support from heavyweights such as Reliance Industries, Infosys and Titan.
The market witnessed bouts of volatility during the session amid mixed global cues but optimism around strong macroeconomic numbers helped the market remain in the green territory.
"Despite mixed global cues, domestic equities continued to raise its bar, recording fresh highs as India continued reporting strong economic numbers. The Indian Service PMI data rose to 56.7 in August from
45.4 in July on account of reopening of several establishments and improving demand that boosted sales," Vinod Nair, Head of Research at Geojit Financial Services observed.
Benchmarks Sensex, and the Nifty hit fresh record highs of 58,194.79 and 17,340.10, respectively, in intraday trade.
Mirroring the trend in the frontline stocks, BSE Midcap and smallcap indices also hit their fresh record highs of 24,453.88 and 27,388.48, respectively.
At close, the Sensex was 277 points, or 0.48 percent, up at 58,129.95 while the Nifty was 89 points, or 0.52 percent, up at 17,323.60. The BSE Midcap index closed 0.35 percent higher and the smallcap index ended with a gain of 0.41 percnt.
The overall market capitalisation of BSE-listed firms jumped to Rs 254.2 lakh crore from Rs 252.7 crore in the previous session, making investors richer by Rs 1.5 lakh crore in a single day.
"The markets is making new highs daily. For the long term, we are bullish, however, after such a move, the market might see some correction. Investors are advised to keep trailing stop losses to their positions,"
said Rahul Sharma, Co-Founder, Equity99.
For the week, the Sensex jumped 3.6 percent while the Nifty clocked a gain of 3.7 percent.
Sectors and stocks
Some 225 stocks, including Asian Paints, Hindustan Unilever, Reliance Industries, Titan and UltraTech Cement, hit their fresh 52-week highs.
More than 330 stocks, including Hindustan Oil Exploration, Jain Irrigation Systems and Trident, hit their upper circuits on BSE.
With a gain of 3.60 percent, BSE Energy index emerged as the top gainer, followed by oil & gas (up 2.25 percent), metal (up 1.27 percent) and consumer durables (up 1.05 percent).
On the flip side, BSE Telecom (down 0.52 percent), finance (down 0.24 percent), FMCG (down 0.22 percent) and Bankex (down 0.16 percent) ended in the red.
Outlook for September 6
Shrikant Chouhan, Executive Vice President - Equity Technical Research, Kotak Securities
Technically, Nifty has formed a strong bullish candle on the weekly charts which is broadly positive.
On daily and intraday charts, it also maintains a breakout continuation formation indicating further uptrend from the current levels.
While the short-term trend remains positive, some profit-booking could be in the offing as traders may prefer to book some profits near 17,500 resistance level.
For the trend following traders, 17,150 and 17,000 could be the important support levels while on the flip side, 17,500 and 17,700 could act as important resistance levels.
Santosh Meena, Head of Research, Swastika Investmart
The Sensex has achieved another milestone of 58,000 and it is surprising the Street by its ferocious move and creating a new high almost every day.
This bull run has more legs to go and it is just a matter of time when Sensex will cross the 60,000-mark because we are in a roaring bull market that may continue for the next 2-3 years.
Technically, 58,700 is an immediate target level while 57,500 is immediate support whereas 56,300-56,000 will be a strong demand zone at any correction.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research
The market witnessed some volatile movements and an attempt to hold the level around the level of 17,300.
If it sustains above the level of 17,200-17,250, it may gain momentum, leading to an upside march till 17,400-17,450.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities
Nifty is now headed for 17,375 and 17,400 in the coming few trading sessions. The levels of 17,200 and 17,280 will act as strong support levels for the benchmark index.
Traders can consider buying on every correction with strict stop loss as long as Nifty is trading above 17,150.
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