Mumbai: Equity benchmark indices Sensex and Nifty ticked higher to close at fresh all-time high levels on Thursday, following buying in market heavyweights ICICI Bank, Infosys and TCS amid a largely positive trend in global equities.
The 30-share BSE Sensex scaled an intraday record high of 80,392.64 in early trade. The index pared most of the gains later due to volatility and profit-taking by investors at record levels. Sensex closed 62.87 points or 0.08 per cent higher at 80,049.67, its all-time closing high.
The broader Nifty also hit an intra-day record high of 24,401 in early trade before closing almost flat. The 50-issue index rose by 15.65 points or 0.06 per cent to settle at a record 24,302.15 with 23 of its shares closing higher and 27 with losses.
"The defensive bet on large caps like IT and pharma gained momentum due to the diminishing US inflationary pressure, improvement in QoQ earnings outlook and a resultant sharp fall in the US 10-year bond yield.
"The buoyancy in government spending and the green shoots in corporate earnings are now supporting the premium valuation. Return of FIIs to the domestic market and expectation of a rate cut in September are supporting market sentiment," Vinod Nair, Head of Research at Geojit Financial Services, said.
Among Sensex shares, HCL Technologies, ICICI Bank, Tata Motors, Sun Pharmaceuticals, Tata Consultancy Services, Infosys, Kotak Mahindra Bank and Mahindra and Mahindra were the gainers.
In contrast, HDFC Bank, Bajaj Finance, Larsen & Toubro, Tech Mahindra, UltraTech Cement and IndusInd Bank were among the laggards.
Analysts said that stock markets traded within a narrow range and ended nearly unchanged.
"The Nifty has approached its immediate target of 24,500 and appears slightly overextended. It would be prudent to take some profits and wait for a potential dip before considering new long positions in the index," Ajit Mishra – SVP, Research, Religare Broking Ltd said.
In the broader market, the BSE Smallcap gauge jumped 0.62 per cent and the midcap index climbed 0.60 per cent.
Among the indices, healthcare soared by 1.17 per cent, IT jumped by 1.12 per cent, teck by 0.98 per cent, auto by 0.88 per cent and telecommunication rose by 0.73 per cent.
However, consumer durables fell by 0.22 per cent, FMCG (0.15 per cent), financial services (0.13 per cent), and Oil & Gas (0.02 per cent).
A total of 2,185 stocks advanced while 1,742 declined and 94 remained unchanged on the BSE.
As many as 23 Nifty shares advanced, 27 declined on the exchange.
In Asian markets, Tokyo, Hong Kong and Seoul ended in the positive territory, while Shanghai closed in the red.
European markets were trading in the green territory in mid-session deals.
US markets ended higher on Wednesday during the shortened trading session. Stock exchanges will remain closed on Thursday on account of Independence Day.
Global oil benchmark Brent crude fell 0.52 per cent to $86.89 a barre.
Foreign Institutional Investors (FIIs) bought equities worth Rs 5,483.63 crore on Wednesday, according to exchange data.