NIFTY50 hits 26,000 for the first time, SENSEX hold 85,000 mark in the closing hours

Indian equity benchmark indices began Tuesday’s session on a choppy note, but quickly recovered as upbeat sentiment from Asian markets provided a boost. This came after the People's Bank of China (PBOC) announced several measures to stimulate the country's economy in response to recent sluggish data. As a result, the India equity benchmark indices surged to new all-time highs, with SENSEX surpassing the historic 85,000-mark for the first time, while the NIFTY50 crossing the 26,000-mark for the first time.

However, profit booking at higher levels pulled the indices into negative terrain. By midday, the NIFTY50 index was trading 25,932, down by 2 points, while SENSEX slipped 58 points at 84,869.

The NIFTY50 index exhibited a negative breadth, with 27 stocks declining and 23 advancing. The overall market breadth also reflected weakness, as 1,227 stocks fell compared to 1,153 that advanced. The performance of broader market indices was mixed, with the Nifty Midcap 100 edging up by 0.09%, while the Nifty Smallcap 100 declined by 0.44%.

Among the sectoral indices, Nifty Metal emerged as the top performer, gaining about 2% with all its constituents trading in green. Metal stocks are rallying on the bourses today, driven by China’s central bank announcing broad monetary stimulus and property market support measures aimed at reviving the economy. On the flipside, Nifty FMCG emerged as the top loser.