Sensex snaps 3-day gains but Nifty at record closing high; Midcap outperforms

Equity benchmarks ended rangebound session flat after the rally in previous three consecutive days, but the broader markets outperformed despite balanced market breadth.

The 30-share BSE Sensex snapped three-day winning streak, falling 24.48 points to 32,609.16 while the 50-share NSE Nifty ended at fresh record closing high of 10,234.50, up 3.60 points.

Banks were lower today but telecom stocks continued to rally. Bharti Airtel continued its run, up 2.8 percent. Bharti Infratel was up 1.6 percent and Idea Cellular rallied 8 percent.

Nifty Midcap Index was up 0.6 percent and Smallcap gained 0.7 percent.

The market breadth was almost balanced as about 1,367 shares advanced against 1,301 declining shares on the BSE.

Cipla was top gainer, up 4 percent. Bajaj Auto ended at record closing high, up 1 percent post Q2 earnings. Hero Motocorp

Axis Bank continued to fall, down 1.8 percent as investors cautious ahead of earnings later today.

HT Media, DHFL (earnings yesterday), ICICI Lombard, Atul Auto and Federal Bank (earnings yesterday) were up 1-5 percent post earnings. DCB Bank, Delta Corp and Colgate were down 2-3 percent post earnings.

Prime Focus was up 20 percent on Motilal Oswal initiated coverage with buy and expects 46 percent upside.
More to come…