Sensex, Nifty close at record highs for fourth straight session

Market registered small gains in a range-bound trading session on Tuesday. The BSE Sensex rose 50.12 points at 31,159.40, while the Nifty 50 index rose 20 points to 9,624.55, as investors booked profits in the recent outperformers like ITC, while the arrival of monsoon rains kept the sentiment cheerful.

In the broader market, the BSE Mid-cap gained 0.8 percent, while the BSE Small-cap rose 0.5 percent to trade flat. The market breadth was in favour of declines as about 1,427 shares were declined and 1168 shares advanced on the BSE.

Mahindra & Mahindra rose 0.82 percent after its net profit surged 19.93 percent to Rs 725.16 cr. Hindalco Industries gained as much as 1.09 percent after company’s net profit rose 25.75 percent to Rs 503 crore. L&T was down 1.12 percent, while Bharat Heavy Electricals dipped 8.55% after it net profit dropped 57.38% to Rs 215.55 crore on 5.8% fall.

The fertilizer stocks have been picking momentum on the exchanges as India braces for the monsoon. The monsoon is expected to arrive over the Indian mainland on June 1 and on hopes of normal rainfall in the year 2017, investors are choosing to buy the fertilizer stocks.