Market indices rose sharply and closed at record highs on Thursday, tracking gains in index majors, amid positive cues from global equities. Extending gains for the third straight session, Sensex ended 529 points higher at 46,973 and Nifty gained 148 points to 13,749. During today's session, Sensex has hit an all-time high of 47,053 and Nifty logged a lifetime high of 13,771.
Except for IT, media and realty index, all the other sectors closed in the green territory. ONGC, followed by Bharti Airtel, Bajaj Auto, Axis Bank, NTPC, Bajaj Finance, Titan, IndusInd Bank, HDFC duo and Reliance Industries were among the top gainers on Sensex. On the other hand, Asian Paints, Infosys, Dr Reddy's Lab, TCS and Nestle India were among the laggards.
Market indices opened on a bullish note for the third consecutive session on Thursday, amid positive global equities. Global equities were buoyed today over an expected stimulus deal in US and focussed on a long-elusive post-Brexit trade agreement between Britain and the European Union, which is expected to be finalised soon.
European markets opened higher as investors expected that a post-Brexit deal could be reached soon amid concerns over US coronavirus relief package.
US equities finished mostly higher as investors monitored the progress of the coronavirus vaccine and the chances of a revived economy in 2021. However, President Donald Trump's opposition to recent bills passed by Congress offered some discomfort toward the last session of trade. Further, data showed that bounce back in economic activity remained volatile amid a recent spike in coronavirus cases.
Ashis Biswas, Head of Technical Research, CapitalVia Global Research Limited- Investment Advisor said," The market witnessed the continuation of the strong pullback rally after a big correction that occurred on Monday. While sustaining above 13750 is the key factor from a short-term perspective, A decisive breakout above the zone of 13760-13780 could open the gate for a movement till 13990. The momentum indicators like RSI, MACD indicating a positive outlook to continue and market breadth to improve further after the decisive level breakout of the resistance zone."
On the currency front, the rupee appreciated 21 paise to settle at 73.55 per US dollar on Thursday tracking a rebound in domestic equities and sustained foreign fund inflows.
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