NIFTY50, SENSEX close at record highs ahead of US Fed rate decision; Hero Motocorp, Bajaj Auto top gainers

Indian equity benchmark indices ended the session with modest gains ahead of the US Federal Reserve meeting. Market participants remained cautious, which was reflected through the range-bound movement across the broad. Despite such movement, the NIFTY50 and SENSEX closed at fresh record highs. The SENSEX settled above the 83,000 level for the first time ever, and NIFTY50 went above the 25,400 mark.

NIFTY50 index recorded its narrowest daily range in the last 10 days, which was restricted to 89 points, and it also formed an inside bar as the price traded within the high and low of the prior trading session. NIFTY Bank trimmed its gains from the day’s high and settled with modest gains but below the 52,200 mark. NIFTY Bank also recorded its narrowest range seen in almost four months as the daily range, i.e. the difference between the high and low, was less than 200 points. The broader markets underperformed as Nifty Midcap 100 and Smallcap 100 index ended in the red.

Top Gainers & Losers

Index Movers

Coming to the NIFTY50 index pullers and draggers, Bharti Airtel (+16.62 pts), L&T (+6.26 pts), Bajaj Auto (+5.96 pts), Hero MotoCorp (+5.5 pts), and M&M (+5.38 pts) were the pullers of the day. Draggers included Tata Motors (-6.34 pts), ITC (-5.94 pts), HDFC Bank (-4.5 pts), Tata Steel (-2.81 pts), and Coal India (-2.44 pts).

Broader indices

Today, the broader markets underperformed. The Nifty Midcap 100 closed down by -0.13%, and the Nifty Smallcap 100 index declined by -0.37%. Market breadth was weak on Tuesday as the declining stocks outnumbered the advancing stocks.

Sectoral Indices

On Tuesday, most of the sectoral indices closed the day on a mixed note. The top three gainers were Nifty Realty (+0.61%), Nifty Consumer Durables (+0.49) and Nifty Auto (+0.26%). The top three losers were Nifty Media (-1.19%), Nifty PSU Bank (-0.58%), and Nifty Metal (-0.42%).

Asian Markets

The key Asian indices closed on a mixed note today. The Nikkei 225 fell by -1.05% while the Hang Seng index gained by +1.35%.

As of 3:41 PM, The Dow Jones futures were trading up by +120 points at 42,177.