India equity benchmarks were trading at an all-time high on Tuesday following positive cues from the Asian and US markets.
At 9:48 a.m., Sensex was up 75 points or 0.09 per cent at 85,004 and Nifty was up 25 points or 0.09 per cent at 25,964. It was the first time the BSE's benchmark traded above 85,000.
Sensex and Nifty both made a new all-time high of 85,008 and 25,967.
The broader market trend remained positive. Nifty midcap 100 index was up 147 points or 0.24 per cent at 60,860 and Nifty smallcap 100 index was up 37 points or 0.19 per cent at 19,586.
In the Sensex pack, Tata Steel, JSW Steel, Nestle, Tata Motors, Power Grid, HDFC Bank, Sun Pharma, Bharti Airtel, Asian Paints and NTPC were the top gainers. Bajaj Finance, Infosys, HUL, UltraTech Cement, IndusInd Bank, Axis Bank, Wipro and Bajaj Finserv were the top losers.
Hardik Matalia, Derivative Analyst at Choice Broking said, "After a positive opening, Nifty can find support at 25,850 followed by 25,800 and 25,750. On the higher side, 26,000 can be an immediate resistance, followed by 26,050 and 26,100."
Among the sectoral indices, auto, pharma, metal, media, energy, infra, PSE, healthcare and oil & gas were the major gainers. IT, PSU Bank, fin service, FMCG and realty were major laggards.
Most of the markets in Asia are trading at a brisk pace. Tokyo, Shanghai, Hong Kong, Bangkok, Seoul and Jakarta are trading in green. The US markets closed in the green on Monday.
Other experts said, "Two trends deserve attention. The serious global geopolitical concern continues to be the Middle East where things are getting worse. Israeli strikes on Lebanon have killed hundreds of people triggering concerns. Crude has inched up. Gold and the volatility index are moving up reflecting anxiety."
"The preference for quality and fair value is getting stronger in India as reflected in the continuous rise in Bank Nifty for the eighth straight session. The return of FIIs into the market in September will aid recovery in frontline banking stocks," they added.
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According to the experts, "Currently, the market is anticipating a revival in consumer spending, driven by the festive season and year-end holidays, adding to the sentiments. Additionally, an expectation of an increase in the US spending is propelling the IT sector."