Market wrap: Sensex, Nifty hit record highs on gains led by RIL, Infosys; mid, smallcaps underperform
Nifty extended their winning streak into the fifth consecutive session, settling at their fresh closing peaks on Tuesday (July 18) amid positive global cues while the dollar traded near its one-year low level. “World shares were steady near their recent 15-month highs and the dollar held close to a one-year low on Tuesday as investors paused to take stock of weak economic data from China and waited for US retail sales data and earnings," reported Reuters. The US retail sales and industrial production data is expected later today which could influence the Federal Reserve's monetary policy stance. The US Fed, European Central Bank and Bank of Japan will hold their policy meetings next week.
Sensex witnessed volatility during the session amid bouts of profit booking at higher levels. Experts are positive about the market for the medium to long term but they expect some consolidation in the short term because of the market's rich valuation. Sensex topped the 67,000 mark for the first time, hitting its fresh record high of 67,007.02 in intraday trade.
The Nifty50 also hit its fresh high of 19,819.45 during the session. Sensex finally closed 205 points, or 0.31 per cent, higher at 66,795.14 while the Nifty closed the day at 19,749.25, up 38 points, or 0.19 per cent. Infosys remained the top contributor stock to the gains in the Sensex index, followed by Reliance Industries, ICICI Bank and Asian Paints.
On the flip side, SBI, Bajaj Finance, Titan and HDFC Bank ended as the top drags on the index. Mid and smallcaps underperformed the benchmark, settling lower. The BSE Midcap index closed 0.18 per cent lower at 29,423.02 while the Smallcap index ended with a cut of 0.47 per cent at 33,828.59.
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