Benchmark stock market indices ended higher on Thursday as Sensex and Nifty hit all-time highs amidst a day marked by investor profit booking. The S&P BSE Sensex closed up 110.87 points at 85,720.38, while the NSE Nifty50 gained 10.25 points to finish at 26,215.55.
Vinod Nair, Head of Research at Geojit Investments Limited, noted that the markets stabilized after a volatile session where both the Nifty and Sensex briefly reached record levels before profit booking took place. He mentioned that retail investors dominated throughout the year, but market performance fell short of expectations, leading to a year-end shift towards derisking. Market participants are now focused on upcoming events like the GDP report, the US-India deal, and the RBI policy meeting.
Top gainers included Bajaj Finance, up 2.27%, followed by ICICI Bank (+1.24%), Bajaj Finserv (+1.11%), Hindustan Unilever (+1.05%), and HCLTech (+0.82%), which supported the index despite weaknesses in large counters.
On the downside, Maruti Suzuki (-1.42%), Eternal (-1.35%), UltraTech Cement (-1.15%), State Bank of India (-1.14%), and Tata Steel (-0.97%) were among the worst performers.
Ponmudi R, CEO of Enrich Money, observed that despite intraday volatility, Nifty remained above the crucial 26,200 support level, indicating a positive broader trend. He mentioned a potential short-term reversal candle due to profit booking after hitting lifetime highs but emphasized that the bullish structure remains intact if key support levels hold.
At the close, the Nifty Midcap100 index rose by 0.08%, while the Nifty Smallcap100 declined by 0.53%. India VIX, the volatility index, decreased by 1.52%.
In sectoral performance, Nifty Financial Services 25/50 climbed 0.46%, Nifty FMCG increased by 0.05%, Nifty IT rose by 0.22%, Nifty Media was up by 0.84%, Nifty Pharma was stable at 0.00%, and Nifty Private Bank advanced by 0.34%. Conversely, Nifty Auto, Nifty Metal, Nifty PSU Bank, Nifty Realty, Nifty Healthcare Index, Nifty Consumer Durables, and Nifty Oil and Gas experienced declines.
Ponmudi highlighted that 26,300 is a crucial resistance level and breakout trigger, with a close above potentially leading to fresh all-time highs. He noted strong support at the 26,150–26,000 zone, indicating an intact bullish structure.
Please note that the opinions expressed by experts in this article are their own and do not reflect those of the India Today Group. It is recommended to consult a qualified financial advisor before making investment decisions.