Domestic equity markets on Thursday scaled fresh record highs for another trading session amid the expiry of monthly F&O contracts for the December series. Strong buying action across all major sectors helped the benchmark indices to scale new higher for the day.
For the day, BSE's Sensex gained 371.95 points, or 0.52 per cent, to settle at 72,410.38. NSE's Nifty50 surged 123.95 points, or 0.57 per cent, to end the day at 21,778.70. Broader markets were mixed as BSE midcap index gained about 0.66 per cent, while BSE smallcap index managed to rise 0.23 per cent. Fear gauge dropped about 3 per cent to 15.14-mark. Markets continued to climb higher and gained nearly half a percent on the monthly expiry day. After the initial uptick, Nifty inched gradually higher. Most of the sectors participated in the move wherein energy, FMCG and pharma were among the top performers. The broader indices also extended gains, said Ajit Mishra, SVP - Technical Research at Religare Broking. "The rotational buying in heavyweights across sectors is helping the index to inch higher and we expect the same trend to continue. Besides, favorable global cues are further adding to the positivity. We thus reiterate our bullish view and suggest continuing with a 'buy on dips' approach," he said. On a sectoral front, the Nifty Oil & gas index gained more than 2 per cent, while the Nifty healthcare, pharma, auto, PSU Bank, metal and FMCG indices gained 1-1.35 per cent each for the day. Only Nifty IT and consumer durable indices settled in red. In the Nifty50 pack, Coal India gained more than 4.21 per cent, while NTPC rose 3.07 per cent. Mahindra & Mahindra (up 2.79 per cent), Hero MotoCorp (up 2.60 per cent) and Bharat Petroleum (up 2.51 per cent) were other gainers. Among the laggards, Adani Enterprises dropped 0.93 per cent, Larsen & Toubro and Eicher Motors shed 0.59 per cent each. The benchmark index maintained its optimism and hit fresh high owing to ease in the Red Sea issue and reversal of FII inflows. A decline in crude oil prices below $80 prompted widespread purchasing across oil and energy companies, said Vinod Nair, Head of Research at Geojit Financial Services. "The Asian market advanced due to an expectation of more aggressive rate cuts by the Fed next year. While the global market was largely experiencing consolidation due to valuation concerns," he said. A total of 3,920 shares were traded on BSE on Thursday, of which 1,815 settled with gains. 1,973 stocks ended the session with cuts while 132 shares remained unchanged. During the day, only five shares hit their upper circuit, whereas the same number of shares tested the lower circuit levels for the day. In the broader markets, Hindustan Copper surged about 15 per cent, while Housing & Urban Development Corporation (HUDCO) and Dishman Carbogen Amcis gained 12 per cent each. Hindustan Petroleum and National Aluminium Company rose 9 per cent each for the day. Among the laggards, J Kumar Infraprojects and Arman Financial Services dropped more than 5 per cent each.
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