The key indices extended early gains and hit fresh intraday high in morning trade and finally closed at new record high with the Sensex closing above 38,000 points for the first time ever. This was the fifth consecutive session of gains for the Nifty 50 which also inched closer to 11,500 points milestone. New stocks and sector became the market drivers with metals and bank stocks gaining, led by ICICI Bank, Axis Bank and metal names like Vedanta and Tata Steel.
The S&P BSE Sensex gained 136.81 points, or 0.36 per cent, to settle at 38,024.37. The Nifty 50 Index gained 20.70 points, or 0.18 per cent, to settle at new record high of 11,470.70. The BSE Mid-cap Index out performed the Sensex and was up 0.59 per cent, while the Small-cap Index rose 0.29 per cent.
Sameet Chavan, chief analyst, technical and derivatives, Angel Broking, said: “Wednesday’s smart recovery was followed by a gap up opening and the global set up was just perfect for this head start. This has been a great run and our markets seem to be enjoying this relentless move. The Nifty is now approaching our recent target of 11,500, which is almost a reality. What next? In our sense, the trend remains bullish and still there is long way to go for markets. In between, we may see some pauses but eventually all those small hiccups are likely to get bought into.
“For the coming session, 11,454–11,414 are likely to provide some support; whereas on the higher side, 11,500–11,520 remains to be the levels to watch for.”
VK Sharma, head, private client group & capital market strategy, HDFC Securities, said: “Markets continued its upward journey for the fifth day in the row where the Nifty gained by 21 points, to close at a new all-time high of 11,471 levels. Mid-cap and Small cap indices continue to do well with the Nifty Small cap Index gaining in 14 out of last 15 trading sessions. Breadth was positive. Metals, Banks and Reality were in demand, while Pharma was the laggard of the day.”
“ Immediate support for the Nifty is seen at 11,350, while resistance is placed around 11,600 levels. We expect Mid-caps and Small-caps can continue to do well during the fag end of the earning season.”
—Ravi Ranjan Prasad