Markets continue bull run, hit new highs for 3rd straight session | Mint
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Business News/ Markets / Stock Markets/  Markets continue bull run, hit new highs for 3rd straight session
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Markets continue bull run, hit new highs for 3rd straight session

Monday’s rally in both the indices was led by gains in Reliance Industries Ltd and financial and metal stocks

Sensex hit a fresh high of 55,680.75 to finally close at 55,582.58, up 145.29 points or 0.26%, on Monday. (Mint)Premium
Sensex hit a fresh high of 55,680.75 to finally close at 55,582.58, up 145.29 points or 0.26%, on Monday. (Mint)

MUMBAI : Benchmark indices hit a record high for the third consecutive day led by gains in Reliance Industries Ltd (RIL) and financial stocks.

The benchmark Sensex hit a fresh high of 55,680.75 during the day to finally close at 55,582.58, up 145.29 points or 0.26%. Nifty hit an all-time high of 16,589.40 in intraday trade to close 33.95 points higher or 0.21% at 16,563.05. Both indices attained record closing high levels.

RIL rose 2.7% and was the biggest contributor to gains for both indices. Bajaj Finance and Bajaj Finserv gained 3.64% and 1.69% respectively. Out of 30 shares in the Sensex, 15 rose while 15 fell.

The broader indices closed in the red. The BSE Midcap index fell 0.18%, while the BSE Smallcap index lost 0.57%.

“Markets traded lacklustre and ended marginally higher in the absence of any major trigger. The tone was muted in the beginning. However, healthy buying in select heavyweights such as Reliance combined with stocks from the metal and financials space aided the index to inch higher as the session progressed. The broader market indices continued their underperformance and ended lower in a range of 0.3-0.8%," said Ajit Mishra, vice-president, research, Religare Broking Ltd.

“As the results season is largely behind us, domestic factors, updates on further unlocking, and the pace of vaccination will remain in focus. Meanwhile, the performance of global indices may induce further volatility. As we’re seeing limited participation, traders should focus on sectors that are trading in sync with the benchmark," he said.

Among the sectoral indices, only Nifty Metal, FMCG, and Financial Services witnessed buying, while Nifty Media, PSU Bank, and Auto indices faced selling pressure.

The market breadth was negative on Monday, with 1,122 stocks ending higher and 2,180 ending lower on the BSE. About 250 stocks touched their 52-week highs while 40 touched 52-week lows. Tracking the negative sentiment in the market, 415 stocks hit their lower circuits.

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Published: 16 Aug 2021, 08:30 PM IST
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