Benchmark indices rose for the third consecutive session, reaching new record highs on Tuesday despite weak global cues and caution ahead of the Union Budget limiting gains.

Buying was seen in select heavyweight stocks helping the market move upwards.

Both the stocks witnessed fresh closing highs as the Sensex closed 52 points, or 0.06%, higher at 80,716.55, while the Nifty 50 ended at 24,613, up 26 points, or 0.11%.

On Nifty 50, the shares of Coal India (3.01%), BPCL (2.71%) and Hindustan Unilever (2.44%) closed as the top gainers.

While on the losing side were Shriram Finance (2.16%), Kotak Mahindra Bank (1.99%) and Dr. Reddy’s Laboratories (1.55%).

Among the sectors, most of them ended lower today, with Nifty Media (1.03%) as the top loser. Nifty Bank slipped 0.11%, the PSU Bank index dropped 0.25%, and the Private Bank index ended 0.09% lower.

Nifty Realty was up 1.66%, FMCG by 0.96% and IT by 0.59%.

Ahead of the Union Budget, the railway stocks like Rail Vikas Nigam (RVNL), Indian Railway Finance Corporation (IRFC), Ircon International, NBCC (India), RailTel Corporation of India, and Texmaco Rail & Engineering are in focus.

Shares of the airline SpiceJet spiked six percent in the morning session after the debt-laden airline flew back into the black in the fourth quarter ended March 2024.

The rupee consolidated in a narrow range and settled 3 paise higher at 83.58 (provisional) against the US dollar.

At the interbank foreign exchange market, the local unit opened at 83.59, and touched an intraday high of 83.53 and a low of 83.60 against the dollar during the trading session.

KPIT Technologies (KPIT) has seen its shares skyrocket in a brief time, rewarding shareholders handsomely.

Over the last two years, the shares have climbed from Rs 517 apiece to the current trading price of Rs 1,882, translating into a massive gain of 265 per cent.

KPIT has delivered an impressive return of nearly 2900% in 4 years. On Friday, it touched a fresh all-time high of Rs 1,928 apiece, coming closer to the Rs 2,000 mark.

On the global landscape, the European markets were in the red amid rising speculation that former US President Donald Trump was leading the presidential election race.

The market finds relief in signals from the US Fed indicating a potential rate cut in its September meeting.

The Indian stock market will remain closed for trading tomorrow, Wednesday, July 17, on account of Muharram.