India’s share benchmark rose for a second straight session on Thursday as optimism in equities continued after strong Gross Domestic Product (GDP) data was released by the government. The Sensex index rose as much as 829 points and the Nifty 50 index surpassed the key psychological level of 17,400, led by gains in HDFC, Infosys, HDFC Bank, Tata Consultancy Services, Reliance Industries and Hindustan Unilever.
Sensex gained 776 points or 1.35% to close at 58,461 and Nifty gained 235 points or 1.37% to close at 17,401.
“If Nifty can sustain above 17,200, it could climb to 17,600 as momentum indicators like the relative strength index (RSI) and moving average convergence divergence are on the horizon,” said Vijay Dhanotiya of CapitalVia Global Research. shows positive momentum in the market.”
Buying was widespread as all 15 industry measures compiled by the National Stock Exchange traded higher, led by a more than 2% gain in the Nifty IT index. The Nifty Auto, Financial Services, FMCG, media, Metal, Pharma, Healthcare and Oil & Gas indexes also rose about 1%.
Small and mid-cap stocks were also interested in buying as the Nifty Midcap 100 index gained 1.21% and the Nifty Smallcap 100 index gained 0.66%.
Adani Ports is Nifty’s top gainer, shares up 4.53% to close at Rs 740. Power Grid, HDFC, Sun Pharma, Grasim, Bharat Petroleum, Tata Steel, Indian Oil, Tech Mahindra, Bajaj Auto and Bajaj Finserv also rose between 2.4 -3.8%.
In contrast, Cipla, ICICI Bank and Axis Bank were among the notable losers.
Market breadth was generally positive with 2,132 shares advancing while 1,057 shares closed lower on the BSE.
