Improving business sentiment and the holiday spirit keep markets bullish as indices have closed in the red for a single session in the last 10 days. Analysts have been calling this just the beginning of another leg of the bull run.
The 30-share Sensex package was up 361.81 points, or 0.83 percent, to 43,804.81. Its broader pair, NSE Nifty, advanced 106.20 points, or 0.83 percent, to 12,826.15.
“Traders are advised not to expect any significant correction in the near future and therefore not venture to place contradictory bets on such a strong Bull Run,” said Sameet Chavan, Chief Derivatives and Technical Analyst at Angel Broking .
“We are sounding extremely optimistic because almost all major sectors are contributing to this increase and therefore it can be considered a strong one. The market in general has also started to make some fascinating moves and, mind you, this is just the beginning of the mega Bull Run. So fasten your seat belts and get ready to take off after Diwali too. ”
In the 50-share Nifty, Tata Motors was the top earner, up 2.39 percent. Bajaj Finserv, Tata Steel, Bharti Airtel, IndusInd Bank, HDFC Life Insurance, Eicher Motors, and L&T were other top winners.
NTPC was the biggest loser in the group, down 0.60 percent. Power Grid and JSW Steel were other losers in the red.
India VIX, the indicator of volatility in the market, plunged a further 5 percent to 18.70, indicating less nervousness among market participants.
The broader markets also saw shopping and merchants online with their incumbent peers. Nifty Smallcap added 0.76 percent, while its mid-cap pair was up 0.73 percent. Nifty 500, the broadest NSE index, was up 0.72%.
Aditya Birla Capital, Dhani Services, Vodafone Idea, Kalpataru Power, Indiabulls Real Estate, and Rashtriya Chemicals and Fertilizers were among the main winners of the beat from the broader markets, while Dixon Tech, Aster DM Healthcare, DCB Bank, REC, GM Infra and Balkrishna Industries were the losers.
All sectors were trading with gains, each rising 0.5-1%.
Overnight, the Dow Jones Industrial Average rose 378.85 points, or 1.3%, to 29,459.02, the S&P 500 gained 46.99 points, or 1.33%, to 3,584, as gains the September quarter positively surprised Wall Street. The high-tech Nasdaq Composite also added 113.97 points, or 0.97 percent, to 11,823.55.
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