Sensex reverses gains after touching fresh high

The BSE Sensex shed its initial gains on Monday after touching a new record high of 53,126.73 points.
The Nifty50 on the National Stock Exchange also hit a fresh all-time high of 15,915.65 points.

Healthy buying was witnessed in metal stocks while IT stocks slumped.

Around 10.25 a.m., Nifty was trading at 15,858.00, lower by just 2.35 points or 0.01 per cent from its previous close.

Sensex was trading at 52,896.12, lower by 28.92 points or 0.05 per cent from its previous close of 52,925.04.

It opened at 53,126.73 and touched an intra-day low of 52,850.10 points.

Manish Hathiramani, technical analyst with Deen Dayal Investments said: "The Nifty is again facing resistance at the 15,900 level. If we are successful in getting past it, we should be heading to 16,100 as the next target point. 15,700-15,750 is a good support range for the markets and if we can continue to respect that, every dip can be utilized to accumulate long positions for higher targets." -IANS