The Indian benchmarks closed higher for the second consecutive day on Thursday and recorded their best sessions since Nov. 22. Both the equity indices saw their highest closing since Dec. 18.
The NSE Nifty 50 closed 445.75 points or 1.88% up at 24,188.65 and the BSE Sensex ended 1,436.30 points or 1.83% higher at 79,943.71. Intraday, the Nifty had risen 2% and the Sensex 1.9%.
Out of the 30 stocks in the Sensex, only Sun Pharmaceutical Industries Ltd. ended lower.
"In today's trade, the bulls dominated as the market saw a steady opening, followed by a one-way rally throughout the session," Aditya Gaggar, director of Progressive Share Brokers, said.
"On the daily chart, the index has formed a robust bullish candle. However, we believe a pullback or retracement is possible, which could push the Index lower to test support at the 24,000 levels," he said. "After that, the next leg of the rally could take the Index towards 24,700–24,800."
Share prices of Infosys Ltd., Reliance Industries Ltd., Bajaj Finance Ltd., Mahindra & Mahindra Ltd. and Maruti Suzuki India Ltd. contributed the most to the gains in the Nifty.
Sun Pharmaceutical Industries and Britannia Industries Ltd. were the only Nifty stocks that fell.
Most sectoral indices on the NSE rose, with the Nifty Auto leading.
The broader markets underperformed the benchmark indices as the BSE MidCap and SmallCap ended 0.89% and 0.68% higher respectively.
All the 21 sectors on the BSE ended higher, with the BSE Auto rising the most.
The market breadth was skewed in favour of the buyers as 2,399 stocks advanced, 1,554 declined and 128 remained unchanged on the BSE.
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