The market continued its upward momentum, with the Sensex gaining 112.18 points, or 0.30 per cent, to close at 37,606.58, while the Nifty 50 ended 36.95 points, or 0.33 per cent, higher at 11,356.50. Both Sensex and Nifty hit record highs on intraday as well as closing bases.

The market  is closely awaiting the RBI’s monetary policy decision on Wednesday.

The BSE Mid-Cap Index rose 0.33 per cent, outperforming the Sensex while the Small-Cap Index rose 0.26 per cent, underperforming the Sensex. The market breadth was positive with 1,494 shares rising and 1,159 falling.

Among the sectoral indices on the BSE, Realty (+1.1 per cent), Consumer Durables (+1.01) and Capital Goods (+0.95) outperformed the Sensex.

Technical view

Mustafa Nadeem, CEO, Epic Research, said: The Nifty continues its north journey for a fourth consecutive day as it hits a new all-time high of 11,366 and closed on a bullish note at 11,356. The Nifty Bank remained under pressure as investors await the rate decision of RBI.

“Technically, this is a pure price action-based rally that is heading to meet its target of the multiple patterns that it broke out in the July series. We have, though, seen a brief stretch in price action and somewhat it is nearing the confluence level now with every positive close. The confluence for the contracting triangle pattern that was breached has an upside confluence at 11,380 as a resistance and may act as a point of inflection. The flag pattern breakout at 11,050 also coincides with resistance seen at 11,390. Further, an extension of the previous rally also points to 11,400 zones of very critical importance.

“The RBI event due on Wednesday will fuel the sentiments with volatility and traders may opt for puts. The derivatives data suggest the range to be 11,500-11,100.”

Marktet view

Jayant Manglik, president, Religare Broking, said: “The market trend in the near-term will be dictated by the RBI monetary policy outcome. The commentary on the future outlook of interest rates/inflation would hold importance. Further, with the on-going corporate earnings season stock-specific volatility is likely to remain high. Hence, we would advise investors to stick to fundamentally sound companies.