Nifty future hits 15,000, BSE cos m-cap at Rs 200 lakh crore; check where are share markets headed

The Nifty Bank index also crossed the crucial 35,000 level for the first time ever, extending the rally into the sixth straight day.
Image: reuters

BSE Sensex and Nifty 50 yet again ended at record high levels on Thursday, taking the total market capitalisation of the BSE listed companies to a lifetime high of Rs 200 lakh crore. Meanwhile Nifty April future too touched a record high of 15,000 in intraday deals. At close, BSE Sensex ended above 50,600 for the first time ever, while the Nifty 50 index settled just shy of 14,900 mark. Market breadth once again favored bulls, as 1,857 shares advanced, while 1,124 scrips declined. However, 147 shares remained unchanged. The broader market outgunned the equity benchmarks for the second consecutive day. S&P BSE Sensex surged 1.45 per cent or 281 points to 19,595 while S&P BSE SmallCap index jumped 229 points or 1.21 per cent to finish at 19,149. Both the broader market indices hit a fresh 52-week high in intraday trade. The Nifty Bank index also crossed the crucial 35,000 level for the first time ever, extending the rally into the sixth straight day.

Vinod Nair, Head of Research at Geojit Financial Services

The market turned positive from its weak start and traded near lifetime highs following a recovery in banking stocks. Driven by the hope of privatization & NPA restructuring, PSU banks were at the forefront. FMCG, Media and Metal were also in focus with broad-based rally. We cannot expect more from the on-going Monetary Policy Committee meeting, considering the encouraging economic outlook than to maintain a status quo and accommodative stance. While they will work on measures to normalize the gap between the repo rate and market yield.

S Ranganathan, Head of Research at LKP Securities

Markets exhibited strong momentum through the day despite volatility as Capex related stocks too participated together with PSU banks and Consumer stocks. The sheer array of sectors and stocks that were sought after in the broader market showed the mood of investors as the NIFTY crossed the 14900 mark today.

Rohit Singre, Senior Technical Analyst at LKP Securities

One more positive session with index touched fresh high and closed a day on fresh highs at 14888 with a gain of nearly one per cent forming a bullish candle on the daily chart. Going forward 14750 has become a strong base in nifty also one can consider this as a make or break level any break below said levels can see some more profit booking but holding above said levels we may see the index to march towards the 15k mark.

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

Characterised by low volumes, the movement of the index was rather tepid in the first half of trade today. Post 12 noon we saw some strength coming in which pushed the Nifty higher to cross 14900. We are still in a position to expect 15000-15100 on the index and hence any dip or intra day correction can be utilised to enter the markets.

Ashis Biswas, Head of Technical Research at CapitalVia Global Research Limited

The market is likely to hold the momentum and likely to reach the level of 14950-15000. The level 14730-14750 to act as a support zone from the short-term perspective. The momentum indicators like RSI, MACD to stay positive. Buy on dips will be a good opportunity in the market.