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Benchmark indices scaled new peaks on Monday, but the broader markets continued to remain under pressure with several stocks hitting the lower freeze.
BSE Sensex and Nifty, after opening on a weak note following global cues, managed to recover during the first half, recording new highs, extending gains further during the day, led by metals and oil & gas stocks.
The BSE Sensex, after recording a new all-time high of 55,680.75, closed at a record high of 55,582.58, up 145.29 points or 0.26 per cent. It hit an intraday low of 55,281.02. The Nifty 50 closed at 16,563.05, up 33.95 points or 0.21 per cent, after recording a new high of 16,589.40. It recorded an intraday low of 16,480.75.
Advance-decline ratio @ 1:2
The breadth of the market, however, was in favour of the decliners. As many as 2,128 stocks declined on the BSE, as compared to 1,166 stocks that advanced, while 137 remained unchanged. Furthermore, 429 stocks hit the lower circuit as compared to the 331 stocks that were locked in the upper circuit. Besides, 250 stocks touched 52-week high level and 40 touched a 52-week low
Narendra Solanki, Head-Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers, said, Indian markets started mixed tracking Asian markets as China economic data disappointed with retail sales rising lower-than-expected 8.5 per cent in July. Also, geopolitical concerns in Afghanistan kept investors on bay.
Advance-decline ratio continued to be weak. This along with lower-than-recent-average volumes on August 16 suggests that action is concentrated in a few scrips. Nifty could continue its gradual grind upwards, while the broader market continues to see rotational profit booking, said Deepak Jasani, Head of Retail Research, HDFC Securities.
Tata Steel, Bajaj Finance, Mahindra & Mahindra, Britannia and IOC were the top gainers on the Nifty 50, while Maruti, Shree Cements, Eicher Motor, Powergrid and Bajaj Auto were the top laggards.
Auto, Pharma, PSU Bank under pressure
On the sectoral front, auto, pharma and PSU bank remained under pressure, oil & gas, metals and financial services gained.
Nifty Auto was down 0.88 per cent at closing, while Nifty Pharma was down 0.60 per cent. Nifty PSU Bank was down 0.99 per cent.
Nifty Metal was up 1.48 per cent, while Nifty Oil & Gas was up 0.93 per cent. Nifty Financial Services was up 0.41 per cent.
The broader market remained under pressure. The Nifty Midcap 50 was down 0.39 per cent at closing, while the Nifty Smallcap 50 was down 0.63 per cent.
The S&P BSE Midcap was down 0.18 per cent, while the S&P BSE Smallcap was down 0.57 per cent.
The volatility index rose 3.59 per cent to 13.46.
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