The domestic equity benchmarks surged to fresh record highs led by gains in ICICI Bank, Tata Consultancy Services, HDFC Bank, Reliance Industries and Larsen & Toubro. The S&P BSE Sensex surged as much as 432 points to an all-time high of 39,337.48 and the NSE Nifty 50 Index jumped 116 points to a record high of 11,806.85. The Sensex and Nifty 50 indexes opened higher and built on the gains paced by buying interest in financial, banking and capital goods shares.
As of 2:14 pm, the Sensex rose 1.11 per cent or 432 points to 39,337 and the NSE Nifty 50 Index advanced 0.97 per cent or 113 points to 11,803.
Technically speaking Nifty has now broken out from the recent 'Falling wedge' pattern which is visible on hourly chart. However, the momentum was lacking as we are heading into a truncated week. With yesterday's move, we are now clearly continuing our march towards the higher end of the range that is 11,761; in fact we will not be surprised to see it surpassing soon. Thus, we maintain our optimistic bias and advice traders not to adopt a contrarian approach. On the flipside, 11,663 followed by 11,629 would now be seen as immediate support levels, Sameet Chavan, chief analyst-technical and derivatives, Angel Broking said.
Nine of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Bank Index's 1.4 per cent gain. Private bank, financial Services, FMCG and media indexes also rose in range of 0.7 and 1.4 per cent each.
Mid- and small-cap shares were underperforming their larger peers as the Nifty Midcap 100 and Nifty Smallcap 100 Indexes were trading on a flat note.
IndusInd Bank was top gainer in the Noifty 50 basket of shares, up 3.86 per cent at Rs 1,816. ICICI Bank, Titan, ONGC, Larsen & Toubro, Asian Paints, Adani Ports and Grasim Industries were also among the gainers.
On the flipside, Wipro was top loser, down 2.5 per cent at Rs 280.50 ahead of its March quarter earnings due later today. Cipla, GAIL, Power Grid, Bharti Airtel, Infosys and JSW Steel were also among the laggards.
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