The domestic market remained in positive territory for the fourth consecutive session on September 13 as positive global cues and the dollar's fall against its global peers underpinned sentiment.
"The dollar was heading for its longest losing streak in a year and world stocks were higher for a fifth straight day on Tuesday, ahead of US inflation data expected to show the furious surge in prices may finally be cresting," reported news agency Reuters.
The rupee jumped 38 paise to close at 79.15 per dollar. Crude oil prices saw some uptick; Brent Crude traded near the $95 a barrel mark.
Sensex opened at 60,408.29 against the previous close of 60,115.13 and touched intraday high and low of 60,635.28 and 60,381.02 respectively.
The 30-share pack eventually closed 456 points, or 0.76% higher at 60,571.08. Nifty50 reclaimed the psychologically important 18,000 mark and ended 134 points, or 0.75% higher at 18,070.05. BSE Midcap and Smallcap indices closed 0.32% and 0.24% higher, underperforming the benchmark index.
Shares of Bajaj Finserv, IndusInd Bank, Bharti Airtel, Titan and Bajaj Finance ended as the top gainers in the Sensex index. Conversely, TCS, Asian Paints, Tech Mahindra, Dr Reddy's Labs and Sun Pharma ended as the top laggards.
Among the sectoral indices, BSE Finance, Metal, Industrials and FMCG rose about a percent each. Oil & Gas, Realty and Energy indices ended in the red.
"Markets continued to remain in the thick of the action, aided by strong global cues and FII buying momentum. What is adding to the fizz has been the return of the FIIs into local shares over the past month or so and the falling US dollar index. If the US inflation level shows some moderation, markets may gain more ground," said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities.
As many as 243 stocks, including ICICI Bank, ITC, State Bank of India, Gujarat Fluorochemicals and Eicher Motors, hit their 52-week highs.
Technicals
The Nifty successfully cleared the short-term resistance of 18,000 and succeeded in closing above the same which is broadly positive.
"On daily and intraday charts, the index is holding an uptrend continuation formation which supports further uptrend from the current levels. For Nifty, 18,000 and 17,925 would act as key support levels while 18,150 -18,200 would be key resistance levels. Below 17,925, uptrend would be vulnerable and could slip till 17,850-17,800," said Chouhan.
Kunal Shah, Senior Technical Analyst at LKP Securities highlighted that the Nifty index surpassed the psychological mark of 18,000 and managed to close above it indicating the continuation of the ongoing momentum.
"The index lower end support stands at the 17,900-17,875 zone and as long as the mentioned support is held it remains in a buy mode. The index immediate resistance on the upside is at 18,100 and once taken out will open the room for 18,400-18,500 on the upside," said Shah.
Key market data
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of MintGenie.
