BSE Sensex and Nifty scaled fresh record closing highs on Monday, producing the investors richer by Rs 4 lakh crore. The total market place capitalisation of BSE-listed organizations rose to Rs 247 lakh crore from Rs 243 lakh crore on Friday. The 30-share Sensex surged 765 points or 1.36 per cent to 56,889.76, and Nifty 50 closed the day at 16,931, increasing 1.35 per cent or 226 points. Index heavyweights such as Reliance Industries Ltd (RIL), ICICI Bank, Axis Bank, HDFC Bank, Housing Development Finance Corporation (HDFC), contributed the most to the indices’ acquire. The broader market place outperformed the equity benchmarks. S&P BSE MidCap index gained 1.72 per cent or 401 points to 23,656, and BSE SmallCap index added 1.55 per cent or 406 points to finish at 26,690 levels.
S Ranganathan, Head of Research, LKP Securities
Indices and stocks surged by means of the day on positive worldwide cues buoyed by the US Fed commentary. The rally today was quite a great deal broad-based as expectations on the 1st quarter GDP numbers slated to be released tomorrow aided investor sentiment. Afternoon trade witnessed the rally gathering momentum as indices rose 1.5 per cent with a number of stocks across sectors in the broader markets participating which includes exchanges.
Vinod Nair, Head of Research, Geojit Financial Services
Following a powerful gap-up opening, equity benchmark indices maintained the trend all through the day in line with the strength in worldwide markets. Global markets strengthened as the anxiousness more than the Jackson Hole symposium subsided following the dovish tone of the Fed Chair. Jerome Powell stated to stick with the wait-and-see strategy providing reassurance that the quick dollars policy will continue this year with a smaller sized price of tapering.
Rohit Singre, Senior Technical Analyst, LKP Securities
Strong move has been witnessed on the 1st day of the week and the index closed a day on fresh highs at 16931 with gains of practically one and a half per cent forming a powerful bullish candle on the everyday chart. The index reached its instant targets of the 17k mark so traders are recommended to lock some gains close to the 17k mark also fresh getting will be recommended on a dip close to 16850 zone not right here as threat rewards will not be in favour, instant help for nifty is coming close to 16850-16770 zone if managed to hold above-mentioned levels we could see the index to breach 17k mark and resistance is coming close to 17k mark.
Sachin Gupta, AVP Research, Choice Broking
On the everyday chart, the nifty50 index has breached the prior resistance of 16700 and moved towards the new milestone of 17000 marks. Moreover, the index has also closed above the upper band of the Bollinger formation, which suggests a bullish presence in the counter. The index has been trading above all the critical essential indicators, which adds positive strength additional. At present, the nifty index has instant help at 16700 levels although resistance could come about 17000 levels.