Sensex, Nifty hit record high as rally extends for 5th straight session

Benchmark stock market indices opened Thursday’s trading session positively, extending the record run for five consecutive days.

The S&P BSE Sensex rose to an all-time high of 85,333.23 in early trade, while the NSE Nifty50 climbed to 26,056.

However, investors should note that both the benchmark indices traded marginally higher, while other broader market indices were mixed.

The Nifty IT index was the top gainer among sectoral indices, while most others struggled for momentum.

The top five gainers on the Nifty50 were Maruti, Tata Motors, LTIM, Nestle India and Tata Consumer Products.

On the other hand, the top losers were Hero MotoCorp, ONGC, Power Grid, NTPC and Hindaclo.

Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said, “There are no immediate near-term triggers that can take the market sharply up or down.”

“Up moves may attract selling by FIIs who are likely to move some more money to China and Hong Kong since these markets are cheap and are witnessing an uptrend now. But FII selling is unlikely to push the market down significantly since the ample domestic liquidity can easily absorb such selling,” he noted.

“A range-bound market is the near-term scenario and, therefore, the real action will be stock-specific,” Vijayakumar said, adding that investors should give priority to safety and prefer largecaps since smallcap and midcap segments are overvalued.