Indian benchmark indices extended the gains on the sixth consecutive session on February 20 with Nifty surpassing 22,200 for the first time.
At close, the Sensex was up 349.24 points or 0.48 percent at 73,057.40, and the Nifty was up 74.70 points or 0.34 percent at 22,197.00. About 1661 shares advanced, 1667 shares declined, and 65 shares unchanged.
Biggest gainers included Power Grid Corporation, HDFC Bank, Axis Bank, NTPC and Kotak Mahindra Bank, while losers were Hero MotoCorp, Coal India, Bajaj Auto, Eicher Motors and TCS.
On the sectoral front, Bank, media, power and realty up 0.8-2 percent each, while auto, IT, metal down nearly a percent each.
Seven of the 13 major sectors declined, with the auto index, which had gained 5.5% over the last five sessions, losing 1% on the day.
The broader, more domestically-focussed small-caps advanced 0.2%, while mid-caps were relatively unchanged, outperforming the benchmarks.
Indian markets could see some consolidation in the next few sessions following the recent rally, said Deepak Jasani, head of retail research at HDFC Securities.
The Nifty 50 hit a record high for the sixth time in 2024 on Monday.
Both the Nifty 50 index and Sensex have gained in each of the previous five sessions, adding about 2.3% each, remaining resilient to fading hopes of an early Federal Reserve rate cut, which triggered a bout of foreign selling.
Asian markets fell 0.25%, as China’s decision to cut its benchmark reference rate for mortgages in an attempt to revive its ailing property sector failed to bolster sentiment, leaving investors waiting for bigger stimulus measures.
Among individual stocks, Whirlpool of India dropped 3% as parent Whirlpool planned to sell a 24% stake in Indian unit this week at a 7.6% discount to Monday’s closing price, Reuters reported.
Biocon lost 2.5% following a Jefferies downgrade, which flagged further weakness in earnings amid lack of new launches in the biosimilars segment.
Zee Entertainment Enterprises rose 5% after a report in the Economic Times said the company is making a final attempt to restart discussions with Japan’s Sony Group to revive their $10 billion merger deal. Zee powered the media index 2% higher.