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Sensex, Nifty scale fresh record closing highs, PSUs lead the rally; will this bull run sustain?

Stock Market, sensex, niftyThe most spectacular motion has been witnessed in the financial institution index which rallied by virtually 3.50 % in as we speak’s session in comparison with a 2.50 % rise in Sensex and Nifty.

Extending the submit Budget day rally into the second consecutive day on Tuesday, BSE Sensex and Nifty 50 have surged one other 2.5 per cent. BSE Sensex zoomed 1,197 factors or 2.46 per cent to 49,797.72, whereas the broader Nifty 50 index surged 367 factors or 2.57 per cent to finish at 14,647.85. The 30-share index topped the 50,000-mark in intra-day offers and hit a excessive of fifty,154. Market breadth favored bulls as soon as once more as 1,755 shares superior and 1,184 scrips declined. While 175 shares remained unchanged. Investors grew to become richer by over Rs 4 lakh crore on Tuesday. Following the robust sentiment, the market capitalisation of BSE-listed firms rallied Rs 4.12 lakh crore to Rs 196.65 lakh crore. The broader markets additionally surged, however underperformed their benchmark friends. The S&P BSE MidCap and SmallCap indices settled 2.26 per cent and 1.59 per cent larger, respectively.

Joseph Thomas, Head of Research, Emkay Wealth Management

The markets saved up the momentum gained from a constructive price range offered yesterday. The most spectacular motion has been witnessed in the financial institution index which rallied by virtually 3.50 % in as we speak’s session in comparison with a 2.50 % rise in Sensex and Nifty. The rally is broad-based and derived its primary premises from the growth-oriented proposals in the price range throughout varied key sectors of the financial system, placing the highest emphasis on self-reliance and transformation into one in all the fastest-growing economies of the world.

Ashis Biswas, Head of Research at CapitalVia Global Research Limited

Strong tendencies in the market and an try to beat the resistance stage round the Nifty 50 Index stage of 14750 (excessive as on twenty first Jan 2021). While a breakout above 14750 is the key issue from a short-term perspective, the market is more likely to keep momentum and reaches the stage of 14950-15000. The momentum indicators like RSI, MACD to recuperate from their low made in the final week of January 2021. As such odds of a fresh breakout is considerably excessive.

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

The Nifty didn’t get previous the 14750 stage which is an important level. Crossing this stage would cement the upside course of the markets which ought to lead us to 15000. However, it’s suggested to enter on dips or gentle corrections. The index has good help at 14100 and therefore we should always accumulate positions nearer to that stage.

Vinod Nair, Head of Research at Geojit Financial Services

Start of a brand new rally is seen in sectors like banking, infra and auto, supported by a renewed traction supplied by a growth-oriented price range. After consecutive promoting by FPIs final week, the market witnessed a reversal in pattern turning into web patrons submit the price range. Positive international sentiments forward a brand new US COVID help invoice additionally lifted the market.

S Ranganathan, Head of Research at LKP Securities

A progress and capex oriented Budget has supplied ammunition to the Bulls as the BSE SENSEX makes an attempt to scale mount 50K but once more. Several shares notched up 52-week highs as we speak in the broader market whilst pivotals throughout sectors helped Indices notch up good points. The spectacular itemizing of the Paint firm stunned the avenue because it recorded big good points as we speak on the itemizing.

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