The Indian market’s record run continued the second day on August 4 powered by banking and financial names. Benchmark indices the Sensex and the Nifty touched new highs of 54,465.91 and 16,290.20, respectively, during the day.
At close, the Sensex was up 546.41 points, or 1.02 percent, at 54,369.77 and the Nifty was up 128 points, or 0.79 percent, at 16,258.80.
"The markets got off to a flying start but decided to take a breather closer to the 16,300 level. If we can get past 16300, the next target for the Nifty should be 16,600. The new support for the market is at 15700 and hence any dip or intra-day correction can be used to accumulate long positions for higher targets," said Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments.
Except Nifty Bank and PSU bank, all the sectoral indices ended in the red.
On the broader market front, the midcap and smallcap indices lost a percent each after hitting fresh highs.
HDFC, Kotak Mahindra Bank, ICICI Bank, HDFC Bank and SBI were the top Nifty gainers. Grasim, Titan Company, Tata Motors, Hindalco and
Adani Ports were among the top losers.
Stocks & sectors
On the BSE, the realty index fell more than a percent, while FMCG, auto, healthcare, IT and oil & gas indices ended in the red, However, Bankex added more than 2 percent.
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 85,231.92 | -400.76 | -0.47% |
| Nifty 50 | 26,068.15 | -124.00 | -0.47% |
| Nifty Bank | 58,867.70 | -480.00 | -0.81% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Maruti Suzuki | 15,977.00 | 176.00 | +1.11% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| Hindalco | 777.70 | -22.10 | -2.76% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty FMCG | 55504.70 | 78.00 | +0.14% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Metal | 10142.50 | -243.50 | -2.34% |
Among individual stocks, a volume spike of more than 300 percent was seen in Bosch, Granules India and Coforge.
A long buildup was seen in ICICI Prudential Life Insurance Company, AU Small Finance Bank and Granules India, while a short buildup was seen in Coforge, Bosch and Indus Tower.
More than 250 stocks, including Wipro, ICICI Bank, Gujarat Gas, DLF and NALCO, hit a fresh 52-week high on the BSE.
Technical View
The Nifty formed a bullish candle on the daily scale and formed higher highs, higher lows for the fifth session.
The index has to hold above 16,150 to witness an up move towards 16,400 then 16,500 zones, while on the downside, support is at 16,100 then 16,000 levels, said Chandan Taparia, Vice President, Analyst-Derivatives, Motilal Oswal.
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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