After gyrating between gains and losses during the day, the 30-share BSE Sensex ended 0.29% lower at 75,170.45. Nifty formed a bearish candle on the daily scale. The index is trading above its key moving average supports and the RSI on the daily chart is positive.
Top brokerages have issued bullish recommendations for select stocks. CLSA has maintained an outperform rating on Sun TV, raising the target to Rs 720. InCred has upgraded Divis Laboratories to Add. Meanwhile, JPMorgan maintains an overweight rating on Exide Industries, with a target price of Rs 520.
Last month, Exide joined forces with two South Korean auto majors Hyundai Motor Company (HMC) and Kia Corporation for electric vehicle battery localization in the country.
The massive surge was supported by gains in banks and financials. The 30-share BSE Sensex pack soared 599 points to hit a record high of 76,010, while the broader NSE Nifty index moved over 151 points higher to trade at a fresh lifetime peak of 23,108.
The Nifty 50 is likely to consolidate around the 23,000 mark in the coming sessions and may once again attempt to hit the upper band of the rising channel (placed around 23,100-23,200).