Bulls back after a short breather — Sensex, Nifty scale another high

• Reliance has snapped a two day losing streak and has contributed 40 points to the Nifty50 rally.
• Eicher Motors is the biggest laggard with a loss of 2.5%. The stock is down 13% in the past month.
• The Nifty Bank is the major index which is underperforming the rally currently.

The Indian benchmark indices, the BSE Sensex and the Nifty50, have hit yet another high on Thursday after taking a breather on Wednesday due to weak global market trends. The Nifty50 is up close to 0.3% at 9,454 and the Sensex is up 177 points and has crossed 65,600 in the process.

The Nifty Bank is the major index which is underperforming the rally currently and is trading flat at the time of publishing. The top sectoral gainer is the Nifty Realty index, up close to 2%.

In stock specific action, FMCG major Britannia is the top gainer on Dalal Street, up 2.5% while Eicher Motors is the biggest laggard with a loss of 2.5%. The stock is down 13% in the past month and seems to have taken a hit after the launch of two bikes from Triumph-Bajaj and Hero-Harley Davidson which will compete hard with it.

Reliance on the other hand has snapped a two day losing streak and is trading around Rs 2,638, contributing 40 points to the Nifty50 rally.

"Overall we expect the market to consolidate with a positive bias in the near term, before taking flight to record high levels. All eyes will be on the Federal Open Market Committee (FOMC) meeting minutes, which will give some insights into the US Fed's future course of action," Siddhartha Khemka, Head - Retail Research at Motilal Oswal Financial Services Ltd, said.

It is notable that the The BSE benchmark had jumped over 2,500 points in the past five sessions and the market capitalisation of all BSE-listed firms reached an all-time high of Rs 299.90 lakh crore on Wednesday despite the Sensex falling marginally after a remarkable record-breaking rally in the last few trading sessions. It should cross the coveted Rs 300 lakh crore mark if the markets close in the green.

(Text inputs from PTI)