Nifty Hits New High of 25,100 but Closes Lower; IT and Pharma Stocks Lead

Indian stock indices ended the trading session on August 28 with gains as the Nifty crossed its previous record high of 25,078.30, reaching 25,100 for the first time. The rise was driven primarily by strong performances in the Information Technology (IT) and pharmaceutical sectors. However, profit booking by the end of the session caused a slight dip.

• Sensex: Up by 73.80 points or 0.09%, closing at 81,785.56.
• Nifty: Up by 34.50 points or 0.14%, closing at 25,052.30.

Top Gainers and Losers on Nifty

• Biggest Gainers: LTIMindtree, Wipro, Divis Labs, IndusInd Bank, Bharti Airtel.
• Biggest Losers: Maruti Suzuki, Nestle India, Asian Paints, Adani Enterprises, Britannia Industries.

Sector Performance Overview

• Top Performers: IT, Pharma, and Healthcare sectors, each rising more than 1%.
• Underperformers: Media index fell by 1.4%, while FMCG and PSU Bank sectors dropped by 0.4% each.

Broader Market Trends

• BSE Midcap and Smallcap indices also touched record highs but ended the day on a flat note.

Outlook for August 29

Aditya Gaggar, Director of Progressive Shares

Indian equities started flat but gained momentum from IT and Pharma sectors, reaching a high of 25,130. Profit booking led to a slight decline, with the Index closing at 25,052.35, up by 34.60 points.

• Technical Indicators: The Long-Legged DOJI candlestick pattern with a potential bearish divergence in the RSI suggests weakening momentum. A break below 24,970 could push the Index towards 24,840. Conversely, a firm close above 25,100 is essential for maintaining upward momentum.

Rupak De, Senior Technical Analyst, LKP Securities

The Nifty showed indecisiveness at higher levels, closing flat with wicks on both ends. This pattern, marked by two consecutive doji-like candles, indicates uncertainty.

• Key Levels: A decisive move above 25,100 could confirm further gains, while failure to sustain buying pressure may lead to declines. Immediate support is set at 24,800.