INSUBCONTINENT EXCLUSIVE:
Stock market updates: Nifty Realty index was the top sectoral gainer with a gain of over 8%.The Indian equity benchmarks sky rocketed to
record highs on Thursday on the back of strong global cues after the US Fed signaled that tapering could start earlier than market
expectations but kept interest near record lows
The Sensex rose as much as 1,030 points to hit record high of 59,957.25, within striking distance away from 60,000 mark and Nifty 50 index
closed above its important psychological level of 17,800 for the first time led by gains in banking, financial services, and oil - gas
shares.The Sensex surged 958 points to close at record high of 59,885.36 and Nifty 50 index climbed 176 points to settle at an all-time high
of 17,823.The Fed said last night it will likely begin tapering its monthly bond buying as early as November, and indicated it could raise
interest rates more quickly than expected.Reliance Industries, HDFC, HDFC Bank
Infosys, ICICI Bank and Larsen - Toubro were among the top movers in the Sensex
They collectively contributed over 750 points towards the Sensex."In the short term, Nifty has formed a strong bullish breakout candle and
has consistently maintained higher bottom series formation, which supports further uptrend from current levels
For day traders, 17,800-17,750-17,720 would be key support levels
On the other hand, 17,900-17,950-17,990 could act as a major resistance level in the short run
Contra traders can take a long bet between 17,750-17,720 with a strict support stop loss at 16,910," said Shrikant Chouhan, head of equity
research at Kotak Securities.Buying was visible across the sectors as all the 15 sector gauges, barring the index of media shares, ended
higher led by Nifty Realty index's nearly 9 per cent surge
Real estate shares rallied for second straight session on Thursday as bullish sentiment for real estate companies gained traction after
Godrej Properties said that it achieved record sales at its Godrej Woods project located in Noida.Nifty Bank, Financial Services, Metal, IT,
PSU Bank, Private Bank, Consumer Durables and Oil - Gas indices also surged between 1.5-2.5 per cent.Broader markets also witnessed strong
buying interest as Nifty Midcap 100 index advanced 1.5 per cent and Nifty Smallcap 100 index jumped 0.8 per cent.Bajaj Finserv was top Nifty
gainer, the stock rose 4.63 per cent to close at record high of Rs 18,430
Hindalco, Larsen - Toubro, Tata Motors, Coal India, HDFC, Axis Bank, ONGC, IndusInd Bank, State Bank of India, HDFC Bank and Reliance
Industries also rose between 2.4-4.5 per cent.On the flipside, HDFC Life, Dr Reddy's Labs, JSW Steel, Tata Consumer Products, ITC, Nestle
India and Britannia Industries were among the notable losers.The overall market breadth was extremely positive as 1,974 shares ended higher
while 1,266 closed lower on the BSE.
