An evening walk down Dalal Street

In what looked like a day of breather for the bulls on D-Street, tables turned in the last hour of trade as sharp buying ensured that the market maintained its positive momentum. Sensex and Nifty has managed to end the day at record closing highs again. In fact, the upmove also ensured that the market ended on an extremely strong note in July, gaining around 6 percent.

The day’s gain was led by a surge in index heavyweights such as Reliance Industries as well as IT stocks, along with energy, metals and pharmaceutical names. Banks managed to underperform during the session, with the Nifty Bank being dragged by a fall in Axis Bank and ICICI Bank.

Oil and gas major, Reliance Industries, managed to clock a fresh high and surpassed the market capitalisation of Tata Consultancy Services (TCS). It is now the most valued company in India based on market capitalisation.

“Throughout the day the Nifty remained range bound and volatile, touching an intraday low of 11,268 in first half. However it found strong support at lower levels and managed to bounce back smartly in last hour of trade,” Jayant Manglik, President, Religare Broking said in a statement.