Markets shed gains after record high, Sensex closes at 84,914

Mumbai, Sep 24 (IANS) Indian equity indices closed flat on Tuesday after hitting a new all-time high due to positive sentiments in the global markets.

At closing, Sensex was down 14 points at 84,914 and Nifty was up one point at 25,940.

Intraday, Sensex and Nifty made a new all-time high of 85,163 and 26,011 respectively.

Selling was seen in the banking stocks. Nifty Bank settled at 53,968, down 137 points or 0.25 per cent.

Nifty midcap 100 index was up 138 points or 0.23 per cent at 60,850 and Nifty smallcap 100 index was down 108 points or 0.56 per cent at 19,440.

Among the sectoral indices, Auto, IT, pharma, metal, energy, infra and PSE were major gainers. PSU Bank, fin service, FMCG, realty and pvt bank were major losers.

Vikram Kasat, Head - Advisory, PL Capital - Prabhudas Lilladher said: "Several factors contributed to this rally, including strong corporate earnings, resilient macroeconomic indicators, and increased foreign institutional investor (FII) inflows."

"The market momentum was further bolstered by a bullish outlook on India’s economic growth, supported by expectations of structural reforms and Investor optimism around the Indian economy's ability to withstand global headwinds, such as inflationary pressures and geopolitical uncertainties, added to the positive sentiment," he added.

In the Sensex pack, Tata Steel, Power Grid, Tech Mahindra, HCL Tech, M&M, JSW Steel, Wipro, Tata Motors, HDFC Bank, Sun Pharma, Bharti Airtel, Maruti Suzuki, TCS, and L&T were the top gainers. HUL, UltraTech Cement, IndusInd Bank, Kotak Mahindra Bank, Titan, Nestle, and Bajaj Finance were the top losers.

Rupak De, Senior Technical Analyst, LKP Securities said: "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."

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