Sensex zooms 765 pts, Nifty ends at 16,931 as bulls dominate D-St; Nifty to soon hit 17,000
BSE Sensex and Nifty scaled fresh record closing highs on Monday, making the investors richer by Rs 4 lakh crore. The total market capitalisation of BSE-listed companies 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, rising 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’ gain. The broader market 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 through the day on positive global cues buoyed by the US Fed commentary. The rally today was pretty much broad-based as expectations on the first 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 several stocks across sectors in the broader markets participating including exchanges.
Vinod Nair, Head of Research, Geojit Financial Services
Following a strong gap-up opening, equity benchmark indices maintained the trend throughout the day in line with the strength in global markets. Global markets strengthened as the anxiety over the Jackson Hole symposium subsided following the dovish tone of the Fed Chair. Jerome Powell stated to stick with the wait-and-see approach giving reassurance that the easy money policy will continue this year with a smaller rate of tapering.
Rohit Singre, Senior Technical Analyst, LKP Securities
Strong move has been witnessed on the first day of the week and the index closed a day on fresh highs at 16931 with gains of nearly one and a half per cent forming a strong bullish candle on the daily chart. The index reached its immediate targets of the 17k mark so traders are suggested to lock some gains near the 17k mark also fresh buying will be suggested on a dip near 16850 zone not here as risk rewards will not be in favour, immediate support for nifty is coming near 16850-16770 zone if managed to hold above-said levels we may see the index to breach 17k mark and resistance is coming near 17k mark.
Sachin Gupta, AVP Research, Choice Broking
On the daily 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 important key indicators, which adds positive strength further. At present, the nifty index has immediate support at 16700 levels while resistance may come around 17000 levels.
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Text source: Currency Times
