BSE Sensex Zooms 495 To Cross 46K-Mark For The First Time Ever, Nifty Tops 13,500

For the fifth time, the Indian equity indices settled at a lifetime high buoyed by the optimism in a US stimulus deal and steady foreign inflows.

BSE Sensex

New Delhi: Indian benchmark equity indices settled at fresh lifetime highs for the fifth straight session, its longest winning streak since mid-November, to close at a new high, in line with Asian peers, as investors remained optimistic about a US stimulus deal and steady foreign inflows continued. The S&P BSE Sensex advanced 494.99 points or 1.1% to 46,103.50 in Mumbai, while Nifty ended 136.15 points or 1.02% higher at 13,529.10 amid persistent foreign fund inflow and positive cues from global markets. "The global set up was just ideal today morning to have yet another gap up opening in our market at fresh record highs. Subsequently, the index went into a consolidation mode for the remaining few hours. But the buying momentum accelerated at the stroke of the mid-session to conclude the Nifty convincingly above 13500 by adding another percent to the bulls' kitty," said Sameet Chavan, Chief Analyst-Technical and Derivatives at Angel Broking. Oil and gas, metal, energy, and IT stocks led the across-the-board buying on Wednesday, with top gainers in the BSE pack included Asian Paints, Kotak Mahindra Bank, HDFC Bank, Infosys, Axis Bank, and Reliance Industries. Of 30 Sensex shares, 20 closed higher with Ultratech Cement, Tata Steel, Maruti, SBI, and Bajaj Auto among the laggards. HDFC Bank Ltd. contributed the most to the Sensex advance, increasing 2.2%, while Asian Paints Ltd. had the highest gain, rising 3.4% A volume spike of more than 100% was seen in Siemens, GMR Infra, and BEL. On Nifty, UPL, Asian Paints, IOC, Kotak Mahindra Bank, and HDFC Bank were among significant gainers, while Hindalco, Shree Cements, UltraTech Cement, Wipro, and Grasim were the losers. "Since we are in uncharted territory, the sky's the limit for our market, but in our sense, we have now reached the extreme most zone, at least for the current vertical move. With a broader view, 14000 and beyond levels are very much possible, but for the time being, 13500 - 13600 are the extreme levels as per a few Fibonacci ratios," said Chavan. FPIs were net buyers in the capital market as they purchased shares worth Rs 2,909.60 crore on a net basis on Tuesday, according to provisional exchange data. As of December 7, the foreign net equity purchases stood nearly $18 billion so far this year, the most since 2013 as funds pour in, chasing returns. Yes, we agree to the fact that a strong trend up or down, doesn't necessarily follow any theory. But there is no harm in being a bit conservative at times. Hence, for the last 3 - 4 days, we have been continuously advising booking profits in the rally and avoiding aggressive bets overnight. As far as support levels are concerned, 13449 - 13375 would now be seen as key points," Mr. Chavan added.