Stock market maintained its record-setting spree for the sixth straight session, taking the benchmark indices Sensex and Nifty to new record closing highs as banking and IT counters kept buyers engaged.
The BSE Sensex ended the session at 36,161.64, up 21.66 points or 0.06 per cent; and the NSE Nifty closed at 11,086, higher by 2.30 points or 0.02 per cent.
However, most of the session's gains for both the indices were wiped out as investors rushed to book profits ahead of F&O expiry today and also due to concerns over stretched valuations.
losses in some heavy-weights were balanced by banking counters amid expectations towards government's fresh announcements towards recapitalisation plans. Overall, investors' sentiment remained upbeat as foreign funds have been pumping funds into Indian equities continuously for the last few sessions, helping the key indices breaking records after records.
“Market took a pause after touching a new high whereas some heavy weights witnessed volatility ahead of F&O expiry tomorrow. Earnings upgrade is more likely after seeing the initial set of results but rich valuation and upcoming economic events may interrupt aggressive buying. Meanwhile, investors are gradually shifting focus to defensive sectors like IT & pharma due to a revival in outlook and safe haven asset like gold,” said Vinod Nair, Head of Research, Geojit Financial Services.
The 30-share Sensex rallied to an all-time high of 36,268.19 intra-day. However, emergence of profit-booking at record levels ahead of January derivatives expiry sent it lower to 36,036.51. It finally settled 21.66 points, or 0.06 per cent, higher at 36,161.64.