Nifty50 surged 145 points to close at 8,468 after hitting an intra-day high of 8,475.
Benchmark indices gain 1% each led by private banks and index heavyweights
Other losers included Maruti, Kotak Bank, Hero MotoCorp, Bajaj Auto, IndusInd Bank and Bajaj Finance, that shed up to 1.79 per cent.
Private lenders were among the top losers along with RIL.
The market breadth was positive on BSE with 1,525 gainers and 1,164 losers.
According to traders, Chief Economic Adviser Subramanian's comments practically ruling out a stimulus package for the economy weighed on investor sentiment.
The overall market breadth ended positive as 1,494 stocks are advancing while 1,383 are declining.
The general elections in April/May 2024 are expected to add volatility to the Indian markets, keeping investors on their toes.
Markets surged on hopes that the exit polls would show that the BJP winning majority in the general elections.
Global funds, according to Christopher Wood, global head of equity strategy at Jefferies, are now beginning to pay more attention to India with the market now offering 30 companies with a market capitalisation over $25 billion.
The domestic equity market, which is on a record-breaking spree, will focus on macroeconomic data announcements, movement in global stocks and the US Fed minutes to get further direction, analysts said. Trading activity of Foreign Institutional Investors (FIIs) will also innfluence investors.From the domestic macroeconomic front, Purchasing Managers' Index (PMI) data for the manufacturing sector will be released on Monday, and that o,f the services sector on Wednesday. Investors, this week, will keenly watch major global market events, icluding the outcome of the Federal Open Market Committee (FOMC) minutes, scheduled to be out on Wednesday.
Only the top 5 per cent profit makers account for 75 per cent of profits.
Tata Steel was the top Sensex gainer, up nearly 3%
'While Indian markets are indeed not inexpensive, the valuations of largecap stocks are still a considerable distance from being overstretched.'
Markets ended lower with private banking majors and index heavyweights ITC and RIL leading the decline.
After bumbling for years since 2014, the Modi government seems to believe that massive government expenditure will lead us to prosperity supported by 'seat-of-the-pants' decision-making, observes Debashis Basu.
ICICI Bank was the top gainer after stable rating for its senior unsecured bonds by S&P Global Ratings.
Despite the large economic impact of the Covid-19 pandemic, the markets have recovered sharply even though the performance among individual stocks has been quite polarised.
Among the Sensex constituents, ICICI Bank was the biggest gainer with 11 per cent jump, followed by State Bank of India, which rose 8.04 per cent.
Financial shares were among the top gainers with HDFC leading the gains.
The Indian markets have seen a good run in the last three months with the S&P BSE Sensex rising around 7 per cent and the Nifty50 moving up 7.5 per cent. The next leg of the market rally from here on, analysts suggest, will be driven by a growth in corporate earnings over the next few quarters. That said, they do not expect material / sharp downgrades to India Inc's earnings estimates despite headwinds for the economy.
'We like certain stocks from banking, insurance, retail, hospitals and capital goods.' 'Though some of these stocks may seem expensive, they will compound well over the long term, thus justifying their current multiples.'
As many as 142 stocks from the S&P BSE500 index are currently trading below their level of May 12, 2014
A recovery in rupee, buying by domestic institutional investors, encouraging earnings by select blue-chips and stock specific buying helped the market get back on its feet
Sentiments took a hit after broader Asian markets weakened, following a renewed sell-off on Wall Street on Tuesday as energy shares dropped after crude oil prices plunged to a 13-month low amid weak earnings and US-China trade disputes, fuelling worries about economic growth
Bajaj Finance was the top laggard in the Sensex pack, tanking up to 8 per cent, followed by M&M, Tata Steel, Bajaj Auto, ONGC, HDFC Bank and Kotak Bank. On the other hand, TCS, Tech Mahindra, HUL, Axis Bank and ITC were the top gainers.
Top gainers in the Sensex pack included Bharti Airtel, Tata Motors, IndusInd Bank, Kotak Bank, Hero MotoCorp, Asian Paints and PowerGrid, which rose up to 2.53 per cent.
State owned banks SBI and PNB were the top Nifty gainers along with ICICI Bank and auto shares.
Financial shares were among the top Sensex gainers along with auto and pharma shares.
BSE Midcap and BSE Smallcap indices registered an uptick of 0.06%, and 0.05%, respectively
Investors indulged in profit booking at attractive and higher valuations
Traders said falling crude prices in the global market was a big boost for the economy as it lightens the country's import bill burden, eases inflation and current account deficit concerns.
India's benchmark share indices opened 1% higher on Thursday, amid firm global cues, led by index heavyweights Reliance Industries, Infosys and private banks.
ITC was among the top Sensex losers which ended down 3.6%.
Rise in crude oil price and rally in global equities aided the sentiment
Oil & gas, banking and pharma sector stocks stole the show
The sentiment got support from better-than-expected earning results by select companies and continuous buying by domestic financial institutions.
With the stock coming under pressure, the MF holding value could have dropped to Rs 50 billion, back-of-the-envelope calculations show.
The record breaking spree was led by index heavyweights, financials and metal stocks.
