Stock Market Highlights: Sensex Ends at Record High, IT, Auto & PSU Bank stocks lead

Market hits a new record high led IT, Auto and PSU Bank stocks.

At close, the Sensex was up 393.83 points or 0.80 per cent at 49,792.12 and the Nifty was up 123.50 points or 0.85 per cent at 14,644.70. About 1553 shares have advanced, 1407 shares declined and 157 shares remain unchanged.

On the Nifty 50 Index, Tata Motors (6.28 per cent), Adani Ports (4.84 per cent), Wipro (3.42 per cent) and Maruti Suzuki (2.81 per cent) were the top gainers for the day, while Power Grid Corp (-1.75 per cent), Shree Cement (-1.62 per cent), NTPC (-1.35 per cent) and GAIL (-1.18 per cent) were the top losers for the day.

On the sectoral front, all the sectoral indices ended in green except Nifty FMCG. The Nifty IT, Nifty Auto and Nifty PSU Bank indices were up by more than 2 per cent each.

The BSE Midcap and Smallcap indices rose 0.6 per cent and 1 per cent respectively.

Author’s View: We continue to believe that the undertone of the market remains positive for the medium term. Pharma, Banks and FMCG remain preferred stocks. Buy and accumulate stocks from these sectors on meaningful correction for good medium-term gains.    

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