The record-setting spree of the Indian market benchmarks continued as the Sensex and the Nifty scaled fresh record highs again on December 16 amid positive global cues ahead of the US Fed outcome.
After registering a strong gap-up opening, the Sensex remained in the green throughout the session and scaled a new high of 46704.97 in the intraday session. The Nifty climbed to the record level of 13,692.35.
At close, Sensex was 403 points, or 0.87 percent, up at 46,666.46 and the Nifty was 115 points, or 0.85 percent, up at 13,682.70.
With this, market benchmarks extended their gains into the fourth consecutive session.
The rally was broad-based as the midcaps and smallcaps remained in sync with the largecaps. Th BSE midcap and smallcap indices closed 0.87 percent and 0.88 percent higher.
Strong gains lifted the overall market-capitalisation (m-cap) of BSE-listed firms to Rs 185.1 lakh crore, making investors richer by Rs 1.5 lakh crore in a day. The market's overall m-cap was Rs 183.6 in the previous session.
"Indian market is effortlessly rallying to record highs on a daily basis tracking firm global markets. Increasing prospects of US stimulus measures, hopes of an effective vaccine and a conclusive Fed meeting to announce a positive policy are lifting market sentiments across the globe," said Vinod Nair, Head of Research at Geojit Financial Services.
In the domestic market, Nair said all sectors witnessed good momentum, with realty leading the rally in hopes of a revival in demand.
S Ranganathan, Head of Research at LKP Securities, said the market is absorbing profit-booking also, which is a very healthy sign as the mood seems buoyant with good appetite seen at lower levels.
HDFC, ONGC, Bharti Airtel, Asian Paints and Titan ended as the top Sensex gainers. On the flip side, ICICI Bank, IndusInd Bank, NTPC, UltraTech Cement and Tech Mahindra closed as the top laggards in the Sensex kitty.
Stocks & sectors
All sectors witnessed buying, as each sectoral index ended with gains. BSE Realty jumped over 5 percent, followed by consumer durables (up 2.39 percent), metal and telecom, both rising 1.75 percent.
Over 320 stocks, including Asian Paints, Bajaj Finance, Kotak Mahindra Bank, Nestle, Tata Steel and Titan, hit their 52-week highs on BSE.
More than 470 stocks, including Suven Life Sciences, Tejas Networks, Himatsingka Seide and Yaarii Digital Integrated Services, hit their upper circuits.
DLF, Indiabulls Housing Finance, Page Industries were among the stocks that witnessed long build-up. On the other hand, Punjab National Bank, GMR Infra and L&T Finance Holdings were among the stocks that witnessed short build-up.
The stock of Punjab National Bank witnessed a volume spike of more than 6,000 percent. The stocks of Godrej Properties, Indiabulls Housing Finance, Max Financial Services and Ashok Leyland saw a volume spike of over 300 percent each.
The Nifty formed a bullish candle with a long lower shadow on the daily scale, which indicates that every small decline is being bought by bulls.
Experts say the market trend remains bullish even after a sharp rally of the last many months.
"The Nifty has to continue to hold above 13,500 to witness an up-move towards 13,750 then 14,000, while on the downside, support exists at 13,450 and 13,400," said Chandan Taparia, Vice President and Derivatives Analyst at Motilal Oswal Financial Services.Disclaimer: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.