Improving business sentiments and a festive spirit is keeping markets upbeat thanks to which indices have closed in the red for just one session in past 10 days. Analysts have been calling this just the start of another leg of the bull run.
The 30-share pack Sensex climbed 361.81 points or 0.83 per cent to 43,804.81. Its broader peer NSE Nifty advanced 106.20 points or 0.83 per cent to 12,826.15.
“Traders are advised not to expect any meaningful correction in the near future and hence, do not venture into taking contradictory bets in such a strong Bull Run,” said Sameet Chavan, Chief Analyst-Technical and Derivatives, Angel Broking.
“We are sounding extremely optimistic because almost all major sectors are contributing to this surge and hence, can be considered a robust one. The broader market has also started to give some mesmerizing moves and mind you, this is just a beginning of the mega Bull Run. So fasten your seat belts and gear up to take off post Diwali as well.”
In the 50-share Nifty, Tata Motors was the biggest gainer, rising 2.39 per cent. Bajaj Finserv, Tata Steel, Bharti Airtel, IndusInd Bank, HDFC Life Insurance, Eicher Motors and L&T were other major gainers.
NTPC was the biggest loser in the pack, down 0.60 per cent. Power Grid and JSW Steel were other losers in the red.
India VIX, the indicator of volatility in the market, plunged further 5 per cent to 18.70 signalling waning nervousness among market participants.
Broader markets also saw buying and traders in-line with their headline peers. Nifty Smallcap added 0.76 per cent while its midcap peer climbed 0.73 per cent. Nifty 500, the broadest index on NSE, rose 0.72 per cent.
Aditya Birla Capital, Dhani Services, Vodafone Idea, Kalpataru Power, Indiabulls Real Estate and Rashtriya Chemicals and Fertilisers were among top gainers from broader markets pace while Dixon Tech, Aster DM Healthcare, DCB Bank, REC, GM Infra and Balkrishna Industries were losers.
All sectors were trading with gains, each of them rising between 0.5 to 1 per cent.
Overnight Dow Jones Industrial Average rose 378.85 points, or 1.3 per cent, to 29,459.02, the S&P 500 gained 46.99 points, or 1.33 per cent, to 3,584 as September quarter earnings have positively surprised Wall Street. Tech-heavy Nasdaq Composite also added 113.97 points, or 0.97 per cent, to 11,823.55.