The Indian market ended with marginal gains after hitting fresh record highs in the early trade for the third straight session on August 5. Benchmark indices the Sensex and the Nifty touched new highs of 54,717.24 and 16,349.45, respectively, during the day.
At close, the Sensex was up 123.07 points, or 0.23 percent, at 54,492.84, and the Nifty was up 35.80 points, or 0.22 percent, at 16,294.60.
"The market witnessed the continuation of the positive trend and an attempt to hold above the Nifty 50 index support level of 16,200. Sustaining above 16,200 is the key factor from a short-term perspective, maintaining above this level is important for the market to gain momentum and extend the rally until 16,500," said Ashis Biswas, Head of Technical Research at CapitalVia Global Research.
Momentum indicators like RSI and MACD suggest a positive outlook, he said.
On the sectoral front, the Nifty PSU bank index shed 2 percent, while the metal index rose 1 percent and IT index was up 0.7 percent.
The midcap index ended flat, while smallcap index slipped 0.4 percent.
Bharti Airtel, Eicher Motors, ITC, Tech Mahindra and Tata Steel were the top Nifty gainers. SBI, IndusInd Bank, ICICI Bank, Bajaj Finance and Bajaj Finserv were among the top losers.
Stocks & sectors
On the BSE, the metal index added 1.3 percent, while FMCG and IT indices added 0.5 percent each. The realty index lost 1 percent.
Among individual stocks, a volume spike of more than 250 percent was seen in REC, ITC and SBI Life Insurance.
A long buildup was seen in RBL Bank, Eicher Motors and Dr Lal PathLabs, while a short buildup was seen in SBI Life Insurance, Bosch and SBI.
More than 300 stocks, including Sun Pharma Advanced Research Company, SBI Life Insurance Company and Larsen & Toubro Infotech, hit a 52-week high on the BSE.
Technical View
The Nifty formed a Doji candle with longer shadows on both sides on the daily scale but continued forming higher highs, higher lows for the sixth day.
The index has to hold above 16,200 for an up move towards 16,400 then 16,500 zones. On the downside, support is seen at 16,150 then 16,000, said Chandan Taparia, Vice President, Analyst-Derivatives, Motilal Oswal.
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