Sensex, Nifty hit new highs, oil & gas stocks rise

The Indian stock market opened on a positive note on Tuesday with the key indices hitting new highs.

The BSE Sensex touched an all-time high of 51,606.25 and the Nifty50 on the National Stock Exchange a record high of 15,197.80 points as healthy buying was witnessed in oil and gas and energy stocks.

The indices, however, later trimmed gains and were trading marginally.

Around 9.55 am, Sensex was trading at 51,415.41, higher by 66.64 points or 0.13 per cent from its previous close of 51,348.77.

It opened at 51,484.23 and had recorded an intra-day low of 51,377.70 points.

Nifty50 was trading at 15,143.15, higher by 27.35 points or 0.18 per cent from its previous close.

Manish Hathiramani, technical analyst with Deen Dayal Investments, said: “The markets have continued their northward trajectory this morning and we are very close to the 15,200 target. While a pause at these levels cannot be ruled out, the overall trend for the Nifty remains positive and we should target 15500 as the next level of resistance.”

“A buy on dips is a prudent strategy to adopt in the current market scenario,” he added.

The top Sensex gainers so far have been Titan Company, Asian Paints and Power Grid, while the major losers were Mahindra & Mahindra, Bajaj Finance and State Bank of India.