Stock market closing: Sensex closes above 80,000, auto, pharma and realty indices rally

Both indices, Nifty and Sensex, closed the day in green, with Nifty up by 0.46% to close at 24,433.20 points, while Sensex breached the 80,000 mark to close at 80,351.64 points, up by 0.49%. All broad market indices also ended the day in green, with India VIX climbing by 3.38%.

As for sectoral indices, IT (down by 0.20%) and oil and gas (down by 0.17%) were the only indices trading in red at the end of the day. Most indices registered marginal growth, with auto up by 2.23%, pharma up by 1.57%, PSU banks up by 1.28%, realty and healthcare up by 1.14% each, and consumer durables up by 1.74%.

Stocks in Action

Out of the 2,792 stocks traded during the day, 1,403 saw advances and 1,316 saw declines, while 73 stocks remained unchanged. 179 stocks hit their 52-week high price, while 16 stocks hit their 52-week low as well. 120 stocks hit their upper circuit, or the highest permissible trading price during a single session, while 86 stocks hit the lower circuit, or the minimum price allowed during a singular trading session.

Maruti (up by 6.52%), Divis Labs (up by 2.37%), Mahindra and Mahindra (up by 2.23%), Titan (up by 1.89%0 and Hindalco (up by 1.86%) were amongst the day's top gainers. On the other hand, index heavyweight Reliance was down by 0.80%, followed by Tata Consumer (down by 0.76%), Bajaj Finance (down by 0.61%), ONGC (down by 0.60%) and Kotak Bank (down by 0.44%), were amongst the day's laggards.

As Shrikant Chouhan, Head Equity Research, Kotak Securities notes, "today, the benchmark indices registered a fresh all-time high, after a promising uptrend rally the Nifty closed 97 points higher while the Sensex was up by 391 points. Among Sectors, auto index outperformed rallied over 2 percent whereas intraday profit booking were seen in selective IT, Oil and Gas stocks. After a positive opening, market held the positive momentum throughout the day. Bullish candle on daily charts and higher bottom formation on intraday charts indicate further uptrend from the current levels".

"For the trend following traders now, 24,350/80000 would act as a key support zone. We are of the view that, as long as the market is trading above it the bullish sentiment is likely to continue. However, below 24,500/80,000 the sentiment could change. Below the same, an uptrend would be vulnerable", he continues.

Mr. Aditya Gaggar Director of Progressive Shares highlights the divergence that was seen in today's trade, where mid and small caps remained rangebound throughout the day. "Major buying traction was seen in the index stocks, particularly in the auto counters which helped Nifty50 to settle the trade at yet another record level of 24,433.20 with gains of 112.65 points. Apart from auto, pharma and PSU banking sectors outperformed while IT was the major laggard. The index has breached its previous high convincingly by forming a big green candle and opening the door for further rally towards the 24,520-24,600 zone. 24,340 will be considered as strong immediate support", he notes.