Sensex Jumps 1000 Points, Nifty Nears 17,850

The Indian benchmark indices hit fresh record highs in the intraday session with Sensex posting its best ever intraday gains since May 2021. The rally in the markets today made investors rich by Rs 2.65 lakh crore, data from exchanges showed. The Sensex jumped over 1000 points during the trading hours backed by advances in heavyweight stocks like RIL, Bajaj Finserv.

After the Sensex and Nifty registered record highs of 59,957.25 and 17,843.9, the indices ended the trading at 59,885.36 and 17,822.95, up 958 and 276 points, respectively. Shares of Reliance Industries contributed the most in the rally as the stock price jumped over two per cent and made a fresh record high of Rs 2,497.00. Bajaj Finserv also jumped over six per cent to mark a 52-week high of Rs 18,750.

The Nifty Banking sector was the top contributor in today's rally among all other sector as the index gained more than two per cent in the intraday session led by shares of RBL Bank(+4.44 per cent), Axis Bank(+3.19 per cent), IndusInd Bank(+2.59 per cent), and HDFC Bank (+2.49 per cent). The realty sector also jumped over eight per cent, while Metal, IT, and Energy sectors added a per cent each.

Apart from blue-chips, the broader markets also equally participated in the rally amid positive movement across the board. Both BSE Midcap and Smallcap indices advanced over a per cent in the day's trade on Thursday. Shares of Oberoi Realty and Godrej Property were the top Midcap gainers, advancing 13 and 11 per cent, respectively.

The rally in the markets today was supported by global cues as markets elsewhere in Asia and U.S were trading firm post the Federal Reserve's plan to start reeling in the stimulus. Experts feel that sentiments were also upbeat as the Commerce and Industry Minister stated that India and UAE have launched negotiations for free trade agreement.

"Sentiments were also upbeat as Commerce and Industry Minister stated that India and the UAE have formally launched negotiations for a free trade agreement with an aim to conclude it by end-December," said Narendra Solanki, Head - Fundamental Equity Research, Anand Rathi Shares & Stock Brokers.

Moving further after a massive rally today, experts are expecting the Sensex and Nifty to reach 60,000 and 18,000 in the upcoming sessions and the market breadth is expected to improve further and strengthen the short-term bullish outlook, as per their market research.