Nifty50 within 26,000 inches as Dalal Street scales new high: 10 things to know

Share Market News, Sensex Today, Nifty50 Today: Domestic equity benchmarks edged higher on Tuesday, with the Nifty50 coming within inches of the conceptually important 26,000 mark amid buying interest in energy and steel stocks though selling pressure in FMCG stocks limited gains. Both the headline indices rose around 0.2 percent during the session, with the Sensex adding 148.6 points to touch a record high of 85,077.2 and the Nifty50 gaining 45.2 points to a record 25,984.3. Analysts say that the steady influx of institutions among the best brands in the world continues to support buying amid a bright domestic outlook.

Here are the key things to know about Tuesday’s trading session:

• At 2 p.m., both major gauges held on to most of their daily gains. The Sensex rose 120.9 points to 85,049.6 while the Nifty50 rose 35.9 points to 25,975.
• Tata Steel, Hindalco, Power Grid, ONGC, Mahindra and Mahindra, Tech Mahindra, and BPCL, which traded between 1.0 percent and 4.6 percent higher, were among the top gainers in the basket of Nify50.
• On the flipside, SBI Life, HUL, Grasim, UltraTech, LTMindtree, and Nestle India, trading around 1-2 percent lower each, were the top losers among the 26 losers in -50-script pack.
• HDFC Bank, Tata Steel, and Power Grid were major contributors to the gains in both the Sensex and Nify50.
• Nifty Bank—whose 12 constituents include some of the country’s top banks—took a break after gaining nearly 3,100 points, or more than 6.0 percent, in eight consecutive days of gains. Selling pressure on shares of Kotak Mahindra Bank and Punjab National Bank (PNB) weighed on the banking index.
• The banking index fell to 0.3 percent in daily trading.
• Among blue-chip stocks, Bharti Airtel gained about Rs 16.3, or 5.3 percent, to an all-time high of Rs 1,767 apiece on the BSE amid continued momentum in the telecom space.
• Many analysts say the Fed’s larger-than-expected rate cuts this month have revived hopes for lower-than-expected interest rates in the coming months, driving gains across markets.
• Midcap and smallcap stocks posted mixed moves, reflected in a 0.2 percent rise in the Nifty Midcap 100 and a 0.3 percent decline in the Nifty Smallcap 100.
• Overall the market range was neutral as equal number of shares retreated on either side of the flatline in the afternoon deals on BSE.

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