The market shrugged off weak global counterparts and marked a nice journey taking the Nifty50 beyond 18,604, the previous record high, intraday on November 28. The rally was largely supported by oil & gas stocks as oil prices fell further in international markets amid demand outlook concerns.
The BSE Sensex rallied more than 200 points to 62,505, while the Nifty50 jumped 50 points to 18,563 and formed bullish Engulfing candle on the daily charts.
Option data indicated that traders are eyeing next psychological 19,000 mark, may be in current month, where the maximum open interest developed, with crucial support at 18,000 and immediate support at 18,500.
The broader markets also participated with the Nifty Midcap 100 index rising seven-tenth of a percent and Smallcap 100 index gaining 1.2 percent on positive breadth.