The S&P BSE Sensex closed at 60,115 levels, up 322 points or 0.54% from the previous close, and the CNX Nifty closed at 17,936, up 103 points or 0.58%. On August 18, the 50-share NSE gauge last closed above the 17,900 level, while the Sensex crossed the 60,000 mark at the close.
Nifty gained over 46 points thanks to the combined efforts of four titans – Reliance Industries, Infosys, Adani Ports and Bajaj Finance, which allowed the index to close above the 17,900 level.
Adani Ports, Titan, Tech Mahindra, Divis Labs and Axis Bank were among the top gainers on the Nifty index today, rising between 2.7% and 3.7%, while Coal India, Shree Cements, Nestle India, HDFC and HDFC Bank are among the following. the losers, falling between 0.5% and 2.5%.
The Nifty SmallCap100 and Nifty MidCap100 ended the day with gains of 1-1.3%, compared with a 0.5% move higher in the Sensex and the Nifty, showing that the broader markets surpass the first ones.
All major indicators posted gains, with Nifty Realty and Media rising around 2%; during the day, Nifty IT, Consumer Durables and PSU Banks gained between 1.2-1.5%.
According to ET Now, Saurabh Mukherjea of Marcellus Investment Managers sees nothing wrong with the IT sector, which has lost roughly 25% of its value. He went on to say that stocks like TCS, Infosys and LTTS are not weak. He claimed that whenever there is a recession, the demand for Indian IT services increases, citing the current recession in the US, which saw two-fourths of production shrink.
“We advise traders to continue with their recent ‘Buy Dips’ strategy and use the decline towards the 17675 – 17500 support zone to add new lengths. Also, the broader end of the spectrum is clearly underway and hence one should continue to focus on potential moves in the cash segment, which are likely to fetch higher returns,” wrote Sameet Chavan, Chief Technical & Derivatives Analyst, Angel One. Ltd, in a morning note.