Sensex Today: Benchmark indices Sensex and Nifty50 settled lower on Tuesday. However, the Nifty50 hit a record high of 22,783.35 levels in intraday deals, led by M&M.
The Nifty50 index settled 0.17 per cent or 38.55 points lower at 22,604.85 levels. Meanwhile, S&P BSE Sensex closed 0.25 per cent or 188.50 points lower at 74,482.78 levels
On the BSE, apart from M&M, Power Grid and IndusInd Bank were the top gainers while Tech Mahindra, Tata Steel were among the major laggards.
Similarly, on the NSE, Shriram Finance, Power Grid were the top gainers while Tata Steel, Tech Mahindra were among the top losers.
In the broader markets, Nifty Midcap settled 0.07 per cent higher while SmallCap fell marginally by 0.04 per cent.
Sectorally, the Nifty Auto led with over 1.82 per cent gains, followed by Nifty Realty (up 1.45 per cent).
Market View: Dr. V K Vijayakumar, Geojit Financial
This bull market is remaining resilient despite headwinds, and is slowly gathering momentum despite high valuations. A significant feature of the ongoing bull run is that the FIIs are consistently being outsmarted by the DIIs and retail investors. Despite the big FII selling this month, Nifty is up by 700 points from the April 18th lows. The takeaway from this trend is that the bulls are calling the shots in this market and, therefore, every dip will be bought.
Global Cues
Last night, Dow, Nasdaq and the S&P 500 gained 0.3-0.4 per cent in the run-up to the US Fed meeting. The 10-year bond yields dipped a wee bit to 4.612 per cent.
Near home in Asia, Nikkei surged 1.6 per cent. Hang Seng and Kospi gained up to 0.6 per cent. Straits Times and Taiwan traded on a flat note. Japan’s yen was off the record lows on speculation of Japanese banks intervention. Yen had dropped to 34-year lows on Monday.
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