New record highs: Markets continue to rise; banking stocks shine
Improving economic scenario along with healthy buying in banking sector stocks pushed India's key equity indices higher on Tuesday.
Mumbai: Improving economic scenario along with healthy buying in banking sector stocks pushed India's key equity indices higher on Tuesday.
Accordingly, the improving economic scenario as well as a small intra-day correction pulled in fresh foreign funds.
During the intra-day, some losses were witnessed in the media, metal, FMCG, auto, realty and pharma indices.
However, banking, financial services and IT space traded in the green.
Besides, FIIs continued their holiday shopping and have relentlessly bought around Rs 43,000 crore worth shares in December.
This continuous FII buying, barring one session this month, has supported the index at higher zones.
Around 1.25 p.m., Sensex traded at 47,620.27, higher by 266.52 points or 0.56 per cent from its previous close.
The Nifty50 on the National Stock Exchange (NSE) traded at 13,938.30, higher by 65.10 points or 0.47 per cent from its previous close.
"Nifty opened gap up and saw continued strength towards the blue zone and registered a new all-time high of 13967 in the initial hour," said Jay Purohit, Technical & Derivatives Analyst, MOFSL.
"However, we witnessed some profit booking from higher levels. Overall advance decline ratio signals caution ahead but any decline could be an opportunity to participate in the rally."
According to Gaurav Garg, Head of Research at CapitalVia Global Research: "Indian market opened with a gap up at 13910.35 and hit another record high at 13,967.60."
"The market saw a small correction thereafter, but the market rally is expected to continue backed by the support of inflows from foreign investors, with private-sector lenders gaining the most due to an improving economic outlook."