Nifty continues upward trend, closing at new all-time high for fourth consecutive session

India’s benchmark indices reached a record high on Monday, with Nifty hitting 22,440 in early trading. Nifty Smallcap 100 Index fell while Nifty rose, and declining shares surpassed advancing shares. Sectoral indices like Oil/Gas, Banks, and Pharma gained, while Media, IT, and FMCG fell. Wind energy stocks dropped due to tariff concerns.

Vinod Nair from Geojit Financial Services mentioned that the market traded within a range due to weak global cues, and investors focused on specific stocks due to caution on broader indices. The tepid consumption data affected FMCG and discretionary stocks. Global sentiment is expected to be cautious ahead of the US Fed Chair’s testimony and ECB policy this week. The Fed is likely to maintain a hawkish stance on interest rates due to inflation being above target levels.

Devarsh Vakil, Deputy Head Retail Research at HDFC Securities, provided insights on the market performance, stating that Nifty closed at 22,405.60 with a 27-point gain. Nifty Oil/Gas, Banks, and Pharma sectors saw the most growth, while Nifty Media, IT, and FMCG faced declines. Top gainers included NTPC, HDFC Life, and Power Grid, while JSW Steel, Eicher Motors, and M&M suffered losses. Wind energy stocks were impacted by concerns over falling tariffs.

Overall, the market saw a mixed performance with various sectors experiencing contrasting results. The upcoming events such as the US Fed Chair’s testimony and ECB policy announcement are expected to influence global market sentiment. Investors are keeping a close watch on inflation, interest rates, and economic data for future cues.