The record run in the Indian stock market continued on Monday with the key indices ending at record closing highs.
The BSE Sensex touched a new all-time high of 58,515.85 points, and the Nifty50 on the National Stock Exchange (NSE) hit its record high of 17,429.55 points during the session.
Index-heavyweight Reliance Industries (RIL) supported the rise in the market. Shares of RIL on the BSE closed at Rs 2,424.55, higher by Rs 36.30 or 1.52 per cent from its previous close.
At the end of the day’s trade, the market capitalisation of RIL stood at Rs 15.37 lakh crore.
Upward movement in the global markets also lifted the domestic indices during the day.
Sensex closed at 58,296.91, higher by 166.96 points or 0.29 per cent from its previous close of 58,129.95 points.
It had opened at 58,411.62 and touched an intra-day low of 58,200.29 points.
The Nifty50 on the National Stock Exchange closed at 17,377.80, higher by 54.20 points or 0.31 per cent from its previous close.
Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities Ltd, said: “The market continued its positive momentum and mirrored the up move in other global markets. The Nifty is still maintaining a higher bottom formation which is broadly positive.”
He, however added that the markets being in an “overbought situation” could trigger a quick intra-day correction if the Nifty trades below the 17,330 support level.
“As long as the index is trading above 17,330 the uptrend texture is likely to continue up to 17,450-17,500 levels. On the flip side, if Nifty trades below 17,330, it could trigger an intraday correction up to 17,250-17,210 levels,” Chouhan said.
The top gainers on the Sensex were HCL Technologies, Infosys and Reliance Industries, while the major losers were ONGC, IndusInd Bank and Kotak Mahindra Bank.