BSE Sensex climbed 620.73 pts or 0.80 per cent to close at 78,674.25 on Wednesday, and Nifty 50 was up 147.50 pts or 0.62 per cent to close at 23,868.80.
Commenting on nifty outlook, Shrikant Chouhan, Head Equity Research, Kotak Securities, said, “Technically, after muted opening market successfully cleared the short-term resistance of 23750/78250 and post breakout the bullish momentum intensified. A bullish candle on daily charts and breakout continuation formation on intraday and daily charts indicates further uptrend from the current levels.”
“We are of the view that the short-term technical set up is positive but due to temporary overbought conditions, we could see some profit booking at higher levels. For the breakout traders now, 23750/78250 would be the key support zone. Above which the market could move up till 24000-24050/79000-79200. On the flip side, below 23750/78250 uptrend would be vulnerable,” Chouhan added.
Nifty metal and realty indices declined over 1 per cent.
Nifty media rose 1.60 per cent to close at 2,023.45, nifty oil & gas was up 1.39 per cent at 11,918.60, and nifty bank was up 0.50 per cent at 52,870.50.
Reliance Industries, Bharti Airtel,Ultratech Cement, Grasim and Britannia were among the top gainers of the nifty 50 pack, while Apollo Hospitals, M&M, Bajaj Auto, Tata Steel, and Hindalco were top losers.
A total of 4,008 stocks were traded on the BSE of which 1,911 advanced, 1,971 declined and 126 remained unchanged. The number of stocks that hit a 52-week high was 296, and 25 stocks hit a 52-week low.
In addition, 333 stocks traded in the upper circuit, and 195 traded in the lower circuit.
The major stocks that hit a 52-week high on the NSE include Titagarh (11.18 per cent), GRSE (7.91 per cent), Senco Gold (7.51 per cent), and Inox Green Energy (5.59 per cent).