The benchmark indices hit fresh lifetime high for a third straight session today. The shares of IT and pharma companies continued to gain ahead of December quarter earnings season. The BSE Sensex gained 90.40 points or 0.26 per cent to close at 34,443.19 today, while the NIfty50 ended at 10,637.00, up 13.40 points or 0.13 per cent. In the Nifty50 pack, 19 stocks ended the day in green, while 31 stocks settled the day in red today.
The market opened at record highs following a rise in the US and most Asian markets. However, trade turned choppy mid-session and benchmark equity indices ended the day off lows. Caution prevailed ahead of the corporate results season kicking in this week. Tata Consultancy Services is due to post December-quarter results on Thursday, followed by Infosys on Friday. Also, Finance Minister Arun Jaitley is expected to present the budget for the 2018/19 financial year on Feb 1, amid investor concerns that the government could unveil some populist measures with heavier spending than this year.
The Nifty50 index continued the formation of higher highs and higher lows for the fifth consecutive session and registered a fresh lifetime high of 10,659.15 today. In the process, it formed a small-bodied candle on the daily scale. But indecisiveness among investors at higher levels weighed on the index in late trade. Now, the index needs to continue to hold above 10,550 to extend its rally towards 10660 and 10,700, while on the downside, support is seen at 10,500 level.