The domestic equities witnessed a strong rally on the monthly F&O expiry day as the benchmark indices clocked more than a percent gain on November 24, tracking positive global cues and falling oil prices. A continued decline in volatility after FOMC minutes, too, aided the investor sentiment.
All sectors participated in the bull run, but the broader markets underperformed frontliners as the Nifty Midcap 100, Smallcap 100, and Midcap 50 indices gained around half a percent each.
The benchmark indices ended at a record closing high on Thursday. The BSE Sensex jumped 762 points to 62,273, while the Nifty50 rose 217 points to 18,484 and formed a long bullish candle on the daily charts making a higher high higher low for the second consecutive session.
"A long bull candle was formed on the daily chart, which indicates an attempt at a sharp upside breakout of the crucial resistance around 18,400 levels. This also signals an upside breakout of the range movement of the last two weeks," said Nagaraj Shetti, Technical Research Analyst at HDFC Securities.