Indian equity indices touched fresh all-time highs and closed higher for the sixth straight session on Tuesday, led by IT and FMCG stocks.

The 30-share Sensex ended 177 points higher at 62,682, while its broader peer Nifty 50 ended above the 18,600 level after touching a new peak of 18,678.

Among Sensex stocks, HUL,

, , Dr Reddy’s, and were the top gainers, rising around 1-4%. , , ITC, , and also closed with gains.

On the other hand,

, , , , , L&T and ended the day’s trading with cuts.

Sectorally, the Nifty FMCG rose 1.87% and Nifty Metal surged 1.03%. Nifty Financial Services and Nifty Pharma also closed higher. In the broader market, Nifty Midcap50 declined 0.50% and Smallcap50 0.22%.

“The market is consistently holding higher high and higher low formation, which is broadly positive. Hence the support has now shifted to 18,550 from 18,450. As long as the index is trading above 18,550, the uptrend wave is likely to continue. Above which, the market could move up to 18,750-18,800,” Shrikant Chouhan, Head of Equity Research ( Retail) at Kotak Securities, said.

“Encouraging news from China has resurrected sentiments in Asia. Beijing rolled out more stimulus measures, while social media rumours suggested that the Chinese government was considering the scaling back of its anti-Covid policies. Chinese property companies rose after the securities regulator in China lifted the ban on equity refinancing for listed property firms,” Deepak Jasani, Head of Retail Research, at HDFC Securities, said.

“Continued FPI buying in India has boosted the mainline indices, which may continue to do well for the next 2 months with some intermittent corrections. 18,530 could offer support in the near term while 18,800 could be a resistance,” Hasani added.

Earlier in Asian markets, Japan’s Nikkei 225 fell 0.48% while South Korea’s Kospi surged 1.04% and China’s Shanghai Composite advanced 2.31%.

The rupee ended slightly weaker against the dollar on Tuesday. The rupee closed at 81.72 per dollar, compared with 81.67 in the previous session. While the Brent crude February futures increased 2.78% to $86.20 per barrel.

The market breadth was skewed in favour of bears. About 1,761 stocks declined, 1,718 gained and 148 remained unchanged.


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