market rally, especially in mid-caps, has also been driven by a pick-up in the monsoon and the government's resolve to get the goods and services tax (GST) Bill cleared in the recent session of Parliament.
Bank shares were the top gainers led by ICICI Bank.
The polls are being viewed as a run-up to the general elections scheduled for May 2019 and will test the popularity of the government and its policies amid rising crude oil prices
A recent report by Citi had pegged the total amount stuck in stalled projects across seven major Indian cities (Bengaluru, Mumbai Metropolitan region, National Capital Region, Ahmedabad, Hyderabad, Kolkata and Pune) at Rs 80,000 crore.
It is best not to get carried away by returns or take a short-term view of the markets, says Bhavana Acharya.
The S&P BSE Midcap and the S&P Smallcap indices rallied over 1% each
On the BSE, 1,493 shares declined and 1,236 shares rose. A total of 177 shares were unchanged
Top companies in China are valued at 7.7 times the trailing 12-month earnings against a P/E ratio of 18.6 times for Nifty 50 companies.
The BSE Sensex surged over 442 points to close at its life-time high of 38,694.11 and the broader NSE Nifty ended at a fresh record of 11,691.95, rising 134.85 points.
ICICI Bank was the top loser along with index heavyweights RIL, ITC and HDFC.
Markets ended higher for the second straight session mainly on the back of upbeat corporate earnings.
NTPC, Sun Pharma Coal India and Asian Paints were among top losers on BSE Sensex
The Nifty50 slipped 33 points to close the session at 8,509 after hitting an intra-day high of 8,587.
The market breadth, indicating the overall health of the market was strong
Between now and the general elections (likely in May 2019) there are 12 assembly polls, which analysts say, in a way will also be interpreted as a referendum on the Modi-led government's key reforms
The Nifty has gained 2.6% so far this week, while the Sensex has climbed 2.85%
Investors indulged in profit booking at attractive and higher valuations
Trading in Samvat 2074 on Thursday got off to a rocky start, with the benchmark indices ending more than half a percent lower and the gauge for banking stocks dropping 1.25%.
Rise in crude oil price and rally in global equities aided the sentiment
Sensex catapults 1,241 points and Nifty vaults 382 points in two sessions in a row.
ICICI Bank, HDFC Bank, IndusInd Bank down between 0.2%-1.4% each.
The S&P BSE Sensex closed 318 points at 24,455 and the Nifty50 shed 99 points to end at 7,438.
'After multiple days of losses, any relief rally is welcome. However, the trend hasn't changed.'
The S&P BSE Sensex gained 115 points to end at 24,338 and the Nifty50 climbed 42 points to close at 7,404.
Going ahead, experts say, the fundraising trend in the primary market will depend on how the secondary market performs against the backdrop of the outcome of general elections and global cues.
Besides Budget, markets will be driven by global events and the outcome of assembly elections.
Nifty50 surged 145 points to close at 8,468 after hitting an intra-day high of 8,475.
The positive bias was aided by metal, realty and auto indices
The S&P BSE Midcap and the S&P BSE Smallcap indices gained 0.3% and 0.5%, respectively
S&P BSE Midcap shed 0.8% while S&P BSE Smallcap tumbled 0.6%
SBI was the top gainer after it reported lower-than-expected rise in bad loans
Gains were led by index heavyweights Reliance Industries and Infosys.
Pharma shares were the top gainers led by Lupin after the company received EIR from USFDA for its Goa facility
Financials emerged as the top gainers while auto shares rallied on robust September sales
The S&P BSE Sensex has gained 149 points to open at 25,802.
The S&P BSE Sensex shed 42 points to close at 25,838 and the Nifty50 lost 13 points to end at 7,899.
The BSE Midcap also cut all its intraday gains to shed 0.3% at close
HDFC, ONGC, Maruti Suzuki, HeroMoto Corp and Bajaj Auto gained the most on BSE Sensex
Maruti Suzuki fell 0.7% even after its March quarter profit grew by 15.8% to Rs 1,709 crore in Q4
The broader markets are, however, outperforming the larger peer.
