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 finish above 59,one hundred mark for the very first time at 59,141. Nifty 50 index ended at 17,629.50, increasing 110.5 points or .63 per cent on weekly F&O expiry day. During the day, Sensex hit a historic higher of 59,204.29, though Nifty 50 scaled a fresh lifetime higher 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 obtain. 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 finish 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 finish at 14.41 levels
Rohit Singre, Senior Technical Analyst at LKP Securities
Index once again managed to close a day on fresh highs at 17630 with gains of half a % and formed a bullish candle for the second consecutive day. Index has additional shifted its help to 17565-17500 zone now holding above stated levels one can count on index to trade with positive bias also any dip close to pointed out supports will be once again fresh getting chance, fresh resistance is coming close to 17700-17750 zone and general one can count on index to march towards 18k mark if pointed out supports are held.
Vinod Nair, Head of Research at Geojit Financial Services
Driven by reforms, the Indian market place kept raising its bar and traded to new record highs. Today’s market place rally was driven by powerful getting in Banking stocks particularly in PSBs. The banking sector is anticipated to carry out nicely in the coming days as the sector which failed to pretty participate in the ongoing rally due to worry more than asset good quality is gaining traction. Asian markets traded with cuts as the fall in Chinese home stocks pushed Asian stocks down though European markets traded with positive sentiments.
S Ranganathan, Head of Research at LKP Securities
It is typically seen that when an underperformer tends to make a a great deal-awaited upmove, it creates a really feel-fantastic impact on other people. Ahead of the operationalisation of the NARCL, Banks supplied the a great deal-required ammunition to the bulls to notch up record highs of 59K on the Sensex. The charge of the energised bulls took India’s market place capitalisation ahead of France as PSU banks lent the firepower.
Ashis Biswas, Head of Technical Research at CapitalVia Global Research
The market place witnessed a different day of positive movement just after the market place was in a position to sustain the Nifty 50 Index level of 17500. It shows Sustaining above 17500, the market place to obtain momentum, top to an upside projection till 17850 level. The momentum indicators like RSI and MACD to remain positive and market place breadth to boost, additional strengthening a quick-term bullish outlook.