The market continued the record run on September 24 with Sensex crossing 60,000 mark for the first time on the back of positive cues.
Benchmark indices, Sensex and Nifty, touched a fresh record high levels of 60,333 and 17,947.65, respectively, intraday.
At close, the Sensex was up 163.11 points or 0.27% at 60,048.47, and the Nifty was up 30.20 points or 0.17% at 17,853.20. However, for the week, Sensex and Nifty added 1.5 percent each.
"Weak global market did not affect the upside momentum of the domestic market to hit record highs boosted by realty and IT stocks. India is seizing a sweet spot in the global equity market with the increase in domestic investors. However, profit-booking was noticeable in mid & small-cap stocks, which were under pressure and it can continue in the short term," said Vinod Nair, Head of Research at Geojit Financial Services.
"Realty stocks continued to outperform other sectors owing to an increase in property registrations, and cut in stamp duty (Karnataka) and home loan rates," he added.
Asian Paints, Eicher Motors, M&M, HCL Technologies and HDFC Bank were among major gainers on the Nifty, while losers included Tata Steel, JSW Steel, SBI, Divis Labs and Axis Bank.
Broader market underperformed the benchmarks with BSE midcap index falling 1 percent and smallcap index declining 0.3 percent.
Except, IT and Auto all other sectoral indices ended in the red with Metal, FMCG and PSU Bank indices down 1-2 percent.
Stocks & sectors
On the BSE, except, IT, Auto and Realty all other sectoral indices ended in the red with Metal, FMCG, Healthcare and Power indices down 1-2 percent.
Among individual stocks, a volume spike of more than 300 percent was seen in Sun TV Network, Asian Paints and Page Industries.
Long buildup was seen in Astral, Bharti Airtel and Tata Chemicals, while short buildup was seen in Sun TV Network, Metropolis Healthcare and IndusInd Bank.
More than 200 stocks, including Wipro, Reliance Industries and Puravankara, hit a 52-week high on the BSE.
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Technical View
The Nifty formed a bearish candle on daily scale but a bullish candle on weekly scale and continues to form higher highs - higher lows from the last eight weeks.
"Now it has to continue to hold above 17,777 zones, for an up move towards 18,000 zones, whereas support is placed at 17,700 and 17,500 zones," said Chandan Taparia, Vice President, Analyst-Derivatives, Motilal Oswal Financial Services.
Outlook for September 27
Ashis Biswas, Head of Technical Research at CapitalVia Global Research:
The market witnessed some volatile movements after Nifty was able to breach the level of 17,850. Our research shows sustaining above 17850, we expect the market to gain momentum, leading to an upside projection till 18,000 level.
We have observed the momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.
Rohit Singre, Senior Technical Analyst at LKP Securities.
Index closed a week at 17,853 zone with gains of one & half percent on weekly basis and formed a bullish candle on the weekly chart for a second consecutive week. For upcoming session, index has shifted its support zone to 17,750-17,650, so any dip near mentioned support zone will be again fresh buying opportunity with keeping stop out level below 17,650 zone & if said levels are held we may see the index march towards 18k mark, resistance is still placed around 17,900-18,000 zone where traders can lock some of their long gains.
Mohit Nigam, Head - PMS, Hem Securities:
Markets have sustained above 17,850 levels and we expect this momentum to continue which may lead to 18,000 levels in near term and 17,650 may act as immediate support in Nifty 50.
Overall we believe that market trajectory continues to be positive and any significant dip should be utilized to invest in quality stocks for good returns.
Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
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