Stock Market Today: After reaching new record highs in early trading today, the domestic benchmark indices couldn’t sustain the rally towards the end of the session, as profit booking by investors at higher levels led both indices to close with minor drops.
Nevertheless, today was the sixth consecutive session wherein both indices scaling to fresh record highs. This remarkable performance was primarily fueled by a robust rally in metals and financial stocks, which have seen significant buying interest amid improving global and domestic cues
Furthermore, the IT sector contributed to the surge, bolstering the upward trend. The Nifty 50 climbed 0.23% throughout the trading, setting a new all-time high of 26,277 before ending down 0.14% at 26,199. Notably, this was the third consecutive session in which the index finished above the crucial psychological level of 26,000.
Similarly, the S&P BSE Sensex reached a new high of 85,978, up 0.16%. It completed the session at 85,615, a 0.30% drop from its previous closing, but it remained over the 85,000 barrier for the third straight session.
For the week, both indices posted gains of over 1.2%. While large-cap stocks extended their rally, mid and small-cap stocks lagged due to valuation concerns. The Nifty Midcap 100 ended the week with a modest gain of 0.30%, whereas the Nifty Smallcap 100 fell by 0.47%.
In today’s session, 32 out of the 50 Nifty constituents finished in the positive territory. BPCL led the rally, with a 6.4% gain, followed by pharma stocks Cipla and Sun Pharma, which rose by 2.6% and 2.8%, respectively.
Other top gainers included Reliance Industries, Hindalco Industries, Coal India, Titan Company, HCL Technologies, Bajaj Finserv, Grasim Industries, Asian Paints, and Eicher Motors, all closing with gains exceeding 1%