Sensex, Nifty dip after hitting record highs; Tata Steel jumps 4%

It was a mixed session on Dalal Street as benchmark stock market indices ended lower after hitting all-time highs on Tuesday.
The Sensex settled 14.57 points lower at 84,929.25 after crossing 85,000 for the first time, while the NSE Nifty50 ended 1.35 points higher at 25,940.40 after crossing 26,000.
Mohit Khanna, Fund Manager at Purnartha, said, “Strong physiological achievement. It’s time to be both happy and cautious for investors. Happy for the returns made, cautious for protection of those returns.”
Most other broader market indices were mixed, with smallcap stocks coming under pressure.
High-weightage sectoral indices such as Nifty Bank and Nifty Financial Services declined, while Nifty IT gained 0.61%.
The top five gainers on the Nifty50 were Tata Steel, Hindalco, Power Grid, Tech Mahindra and Adani Enterprises.
On the other hand, the top losers were SBI Life, HUL, Grasim, Ultratech Cement and Shriram Finance.
Vishnu Kant Upadhyay, AVP, Research and Advisory at Master Capital Services Ltd, said, “Post-FOMC decision, the banking and IT sectors, which have the highest weightage in the Sensex, emerged as key beneficiaries.”
“Despite elevated valuations, the Indian market remains attractive, supported by potential increased foreign inflows and robust monthly Systematic Investment Plan (SIP) contributions,” he added.
He explained that the market appears to be in a “one step back, two steps forward” phase, consistently trading above key moving averages.
“Given these strong technical and fundamental indicators, we anticipate the Sensex to reach the 100,000 mark by the first half of next year. Investors are advised to adopt a “SIP on DIP” strategy to capitalize on market dips while benefiting from the ongoing bullish trend,” he added.