Sensex ends 958 pts up at 59,885, Nifty tops 17,800; Realty index gains 9%

Stock market LIVE: Sectorally, all indices were trading positively, led by Nifty Realty

The market rally continued on Thursday too as the domestic benchmark indices once again ended at record closing high levels on the back of positive global cues with the benchmark Sensex nearing the 60,000-mark. Today, 30-pack index rallied as much as 958 points to end at 59,885. The Nifty50 was up 276.30 points or 1.57 per cent at 17,823.

Bajaj Finserv, Hindalco Industries, Tata Motors, Larsen and Toubro and Coal India were among major gainers on the Nifty, while losers included HDFC Life, Dr Reddy’s Labs, Nestle India, ITC and Tata Consumer Products.

The broader market outperformed the benchmarks, as BSE midcap and smallcap indices rose 1 percent each. On the sectoral front, realty index gained nearly 9 percent, while IT, metal, bank, capital goods, oil & gas indices rose 1 percent each.

Volatility index, India VIX, gained less than a per cent to end at 16.60 levels.

4:14 PM

Markets will correct, perhaps soon, cautions VK Vijaykumar

This ferocious bull market continues to baffle both bears and bulls. Stock markets are all about ups and downs. But this bull market has been an almost one-way street for almost 18 months now. More importantly, this is almost a global phenomenon with China, Hong Kong and a few other countries being the exceptions. The mother market US is leading from the front, ignoring even tapering indications from the Fed. All previous bull markets in India - 1992-92, 1994, 1998-2000, 2003-07 - had big corrections of 5%, 10%, even 20%. But not now so far. But this will change and the market will correct, perhaps soon, since valuations are hard to justify.

Amateurish money of retail investors is now dominating over the smart money of institutional investors. This may change when FIIs turn into major sellers. We don't know now when and what might trigger that. Taking some money off the table may not be a bad idea even while riding this bull.

-- Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services

4:13 PM

View :: Anything negative news on Evergrande front could impact global sentiments

Nifty closed at another record high after a great day when it just kept rising hour by hour without any major corrections. Advance Decline ratio is sharply positive, though lower than that in the morning. Nifty is marching towards 18000 mark slowly and steadily, unless some global event (like Evergrande) upsets this momentum. Evergrande is due to pay $83.5 million worth of interest on a dollar-denominated bond on Thursday. It's not clear yet whether the company will make that payment, and it had not commented by the close of trading in Hong Kong. Anything negative on this front could impact global sentiments.

-- Deepak Jasani, Head of Retail Research, HDFC Securities

4:12 PM

TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities

Index witnessed a decisive breakout and closed a day at 17823 with good gains of one & a half percent forming a bullish candle on the daily chart. The index has witnessed a range breakout which hints if current levels are held then we may witness next quick move towards 18k mark, immediate supports for Nifty is shifted to 17770-17700 zone any dip near mentioned supports zone will be again buying opportunity with keeping immediate stop out level below 17700 zone and if said levels are held we may see the index to march towards 17900-18000 zone which is immediate hurdle zone on the higher side.

4:11 PM

MARKET QUOTE :: Devang Mehta, Head – Equity Advisory, Centrum Broking

The market took the US Fed statement of starting tapering as soon as November in its stride. Encouraging news on Evergrande crisis also helped to clear some uncertainty on the global front. Indian markets have been on a roll & the rally today was symbolic of the prevailing strong sentiment locally on the back of reduction in covid cases & the strong vaccination numbers. With improvement in economic activity & the optimism around the capex cycle revival, the earnings trajectory for India Inc will naturally get a big boost. Most of the companies which are market leaders in their respective domains have seen operating efficiencies & productivity improve & also been able to reduce debt with prominent gain in market share as well. Liquidity remains extremely strong, be it Foreign portfolio investors, Local mutual funds, Insurance companies, Family offices, HNI’s or even the retail investors.

4:09 PM

What drove D-Street to record highs today?

Amidst a strong start, bulls showed no signs of weakness to soar higher boosted by strong global cues and broad-based buying led by realty, metal and banking stocks. Global markets tempered optimism despite a slightly hawkish tilt by the Fed Reserve intimating that the US Central Bank will begin reducing its asset purchases in November and conclude the tapering process around mid-2022. However, investors continue to remain on the edge awaiting clarity on the Chinese economy. The domestic reality sector continued its rally sparked by demand revival in the property space.

-- Vinod Nair, Head of Research at Geojit Financial Services

4:06 PM