BSE Sensex and Nifty 50 gained for the third consecutive session on Thursday, pushing the indices to record closing highs. BSE Sensex jumped 418 points to end above 59,100 mark for the first time at 59,141. Nifty 50 index ended at 17,629.50, rising 110.5 points or 0.63 per cent on weekly F&O expiry day. During the day, Sensex hit a historic high of 59,204.29, while Nifty 50 scaled a fresh lifetime high of 17,644.60. Index heavyweights such as Reliance Industries Ltd (RIL), ITC, ICICI Bank, State Bank of India (SBI), HDFC Bank contributed the most to indices gain. Sectorally, the Nifty PSU Bank index rallied 5.43 per cent ahead of Finance Minister Nirmala Sitharaman’s press briefing. Broader markets underperformed equity benchmarks. BSE Midcap index gained half a per cent or 120.60 points to end at 25,336.56. While BSE SmallCap index ended flat with a positive bias at 28306. During intraday, midcap and smallcap indices hit their respective highs. India VIX, the volatility index, surged 5 per cent to end at 14.41 levels
Rohit Singre, Senior Technical Analyst at LKP Securities
Index again managed to close a day on fresh highs at 17630 with gains of half a percent and formed a bullish candle for the second consecutive day. Index has further shifted its support to 17565-17500 zone now holding above said levels one can expect index to trade with positive bias also any dip near mentioned supports will be again fresh buying opportunity, fresh resistance is coming near 17700-17750 zone and overall one can expect index to march towards 18k mark if mentioned supports are held.
Vinod Nair, Head of Research at Geojit Financial Services
Driven by reforms, the Indian market kept raising its bar and traded to new record highs. Today’s market rally was driven by strong buying in Banking stocks especially in PSBs. The banking sector is expected to perform well in the coming days as the sector which failed to fairly participate in the ongoing rally due to fear over asset quality is gaining traction. Asian markets traded with cuts as the fall in Chinese property stocks pushed Asian stocks down while European markets traded with positive sentiments.
S Ranganathan, Head of Research at LKP Securities
It is generally seen that when an underperformer makes a much-awaited upmove, it creates a feel-good effect on others. Ahead of the operationalisation of the NARCL, Banks provided the much-needed ammunition to the bulls to notch up record highs of 59K on the Sensex. The charge of the energised bulls took India’s market capitalisation ahead of France as PSU banks lent the firepower.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research
The market witnessed another day of positive movement after the market was able to sustain the Nifty 50 Index level of 17500. It shows Sustaining above 17500, the market to gain momentum, leading to an upside projection till 17850 level. The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.