Stock Market Update: Sensex breaches 63000, Nifty closes at 18700, HUDCO and M&M among top gainers

Stock Market Update: As their winning streak entered its sixth session, the Sensex and Nifty both crossed psychologically significant levels of 63000 and 18700, respectively. The market gained traction in the final hour after moving sideways throughout the day as it awaited global cues.

Stock Market Update: A new record

In intraday trade, the Sensex reached a new record high of 63303.01 while the Nifty reached a new high of 18816.05. Both indices made a small decline but closed at new closing peaks. Sensex increased by 417 points to close at 63100. Nifty, meanwhile, gained 140 points and closed at 18758 in the end.

Almost all sectors indices ended the day in the green, including the metal, real estate, FMCG, and auto indices, which all surged more than a percent in today's session. The only index to finish the day's trading in the negative and lose ground was PSU Bank.

Top gainers and losers

Among the top Nifty gainers were M&M, Hindalco Industries, Grasim Industries, Bajaj Auto, and UltraTech Cement.

IndusInd Bank, SBI, HCL Technologies, ITC, and Sun Pharma were among the losers. 2058 of the 3602 equities trading on the BSE were up, while 1,438 were down. 106 scrips stayed the same.

Gains were widespread as the BSE Smallcap index increased by 0.61 percent and the BSE Midcap index increased by 1.06 percent.

Statements from researchers

"Indian equities markets are jubilant at record highs, snubbing the turbulence of international markets. Considering that the Nifty midcap and smallcap indexes are still well below their all-time highs, the broader market is also attempting to regain momentum "the Swastika Investmart's Santosh Meena, Head of Research.

Technically, Meena said that the Nifty has immediate targets of 18888 and 19000, while on the downside, 18700 and 18500 will act as strong support levels. "The only concern is that the market is overbought, which may lead to some pullback or consolidation at higher levels, but there are no major signs of weakness," said Meena.

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