On Thursday, the Sensex soared by 1439.55 points and closed at 82,962.71, during intraday it touched life time high of 83,116.19. Meanwhile, the Nifty also witnessed a massive significant surge, climbing 470.45 points to end at 25,388.90.
Within the Nifty index, several prominent companies, including Hidalco, NTPC, Bharti Airtel, Grasim, And Shriram Finance were among the top gainers. On the other hand Nestlé India was the the top loser.
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Foreign Institutional Investors (FIIs) purchased equities amounting to Rs 230.90 crore and Domestic Institutional Investors (DIIs) also equities amounting to Rs 1,755 crore respectively on the previous trading day, as indicated by exchange data.
Rupak De, Senior Technical Analyst, LKP Securities, said, "The Nifty has broken out of its recent consolidation on the daily chart, indicating a rise in optimism. Additionally, the index has been sustaining above the critical 21-day EMA, a near-term moving average. The RSI on the daily chart shows a bullish crossover, reinforcing the positive sentiment. On the upside, the rally could potentially continue toward the 25,470–25,500 range, while support is seen at 25,100."
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Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas, said, "Bank Nifty also broke out of a consolidation on the upside and has started it upmove towards 52000 – 52500. Prices are sustained above key daily moving averages, which is a sign of strength. So, there is a case for the momentum to continue over the next few trading sessions."