The market ended with moderate gains but both the benchmark indices hit new highs. The Sensex rose 7 points, or 0.02 per cent, to settle at 38,285.75, its record closing high. The Nifty-50 rose 19.15 points, or 0.17 per cent, to settle at 11,570.90, its record closing high. The Sensex hit a high of 38,402.96 in intraday trade while the Nifty hit 11,581.75 points intraday.
The BSE Mid-Cap rose 0.52 per cent and the Small-Cap rose 0.34 per cent, both outperforming the Sensex.
The market breadth was negative with 1,338 shares rising and 1386 shares falling.
Mustafa Nadeem, CEO, Epic Research, said: “The Nifty on the daily chart has given a breakout from Flag Pattern and is extending the gains on the upside. A flag is a Bullish continuation pattern that exhibits a character of fast-movement in the direction of the trend. The Nifty has added almost 130 points so far in just 2 days and we expect it to further extend the gains.
“As per price pattern, we believe 11480-11460 will be seen as the point of inflection for the short-term, as below that we may see a consolidation. The upward projection from this breakout comes to be in the zone of 11,810-11,910 and we expect Nifty to extend to these levels in coming days.”
Jayant Manglik, president, Religare Broking, said: “Tracking positive global cues, the equity benchmark indices scaled to a new record high, but trimmed some of the gains in the last hour of trade to end the session on a flattish note.
“The sectoral indices exhibited a mixed trend. While Power, IT & Healthcare outperformed, registering healthy gains, Realty, Metals & Consumer Durables witnessed some profit-taking. Globally, most Asian and European indices traded higher.
“While the underlying sentiments remain positive, some consolidation cannot be ruled out in the near-term.