Sensex, Nifty extend winning spree to 3rd straight day; investor wealth jumps over 12 lakh crore in 3 days

Extending the Union Budget 2021 day gains into the third straight session on Wednesday, BSE Sensex and Nifty 50 settled nearly one per cent higher. BSE Sensex ended above 50,250 for the first time ever, while the broader Nifty 50 index settled at 14,790. During intraday, Sensex scaled an all-time high of 50,526.39, while Nifty hit a record high of 14,868.85. Market breadth favored bulls for the third consecutive day as 1,784 shares advanced while 1,202 scrips declined. However. 155 stocks remained unchanged. Amid this bull run, the market capitalisation of BSE-listed companies rallied by 1.83 lakh crore today to Rs 198.45 lakh crore from Rs 196.65 lakh crore on Tuesday. In the last three days, BSE m-cap has surged over Rs 12 lakh crore. The broader markets outgunned equity benchmarks after the three days of underperformance. The S&P BSE MidCap and SmallCap indices settled 1.38 per cent and 1.47 per cent higher, respectively.

Rohit Singre, Senior Technical Analyst at LKP Securities

Index has witnessed a fresh breakout above 14753 which was a previous swing high and closed a day at 14790 with gains of one percent forming a Doji sort of candle pattern on the daily chart. Again index has shifted its base to 14700-14600 zone if managed to sustain above-said levels buy on dip structure will be intact with keeping stop out level below 14600 zone and if current levels are held then the index is good to touch 15k mark soon which is immediate & strong hurdle on the higher side.

Vinod Nair, Head of Research at Geojit Financial Services

The market has got a renewed focus on segments which are likely to be mostly benefited by a sustainable revamp in the domestic economy. The broader market is outrunning the benchmark with Pharma, Infra and PSU banks as the imminent leaders. Positive quarterly earnings is leading to a large upgrade in earnings forecast, which is also acting as a key tailwind in the rally.

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

We have been successful in getting past 14753.55 which was the previous high recorded by the Nifty. We should now target 15000-15100 and given the strong bullish tone, we could achieve this during the course of the February series. While we have good support at 14200-14300, a buy on dips strategy would be most appropriate.

Abhishek Chinchalkar, CMT Charterholder and Head of Education, FYERS

Nifty has surged to a record high today, extending its advance for a third straight session, led by sharp gains among Banking, IT, Pharma, and Auto stocks. Broader markets are also trading on a firm note, with the Nifty Midcap 100 index inching closer to its life-time high and the Smallcap 100 index nearing its highest level in more than two years. Since the Union Budget on Monday, momentum has clearly continued favouring the bulls, with every minor intraday dip being aggressively bought. With global cues quite favourable and laggards also joining in the post-Budget rally, it looks likely that Nifty could touch 15000 very soon.