The markets got off to a glorious start on Thursday, as funds bought blue chip stocks. A smooth rollover in the derivatives segment on triple-witching day also helped, with the Nifty breaching the psychological 5,000-mark, and closing above it for the first time ever.
The Nifty finally closed 68 points higher at 5008.
The Sensex held firm above the 17,000-mark through the day, finally closing over 267 points higher at 17,188.
It was yet another strong session for the markets without any signs of weakness. After the Sensex breached the 17,000 mark on Wednesday, the Nifty crossed the 5,000 level today.
Metal and technology are the star performers. The sentiment has been very positive and liquidity is abundant which has been taking the markets to new heights.
All the sector indices are green. Cement, power and technology are looking smart in todays session. Metal and technology are the star performers. The rupee is tradng at around 39.73 per dollar.
Top gainers on the indices are Sterlite Ind up 9%, Reliance Energy up 7%, Infosys up 5%, ACC up 3%, ONGC up 3%.
Top losers on the Sensex are HPCL, BPCL, Rel Petro, Ambuja Cement, HUL and Bharti Airtel.
Nifty journey from 4000-5000
Nifty had hit 5000 mark in the early trade today. Nifty took 2003 days to move from 4000 to 5000. for the journey from 4500 to 5000, it took 52 days. Major contributors from 4K to 5K were RIL - 268 points, Bharti - 102 points and SAIL & RPL contributed 82 points each.
What experts say:
Technical Analyst, Ashwani Gujral says, “I think the right way to see this is that as long as the money keeps on coming in, you will keep on seeing higher levels. Probably 5,100 is the next resistance. But at some point you need to see how far this can go.
The question is not whether you sell today or tomorrow; probably if you bought earlier, you will still make money. But retail, which is getting in now is definitely going to pick up the tab for this party. I think it has been an extraordinary month, September, and to expect a repeat performance in October probably would be doing too much.
So I think probably market needs to come back down probably a couple of 100 points on the Nifty, consolidate again and then move on. There is no question about the long-term technicals and where this market is heading, is probably 5,250-5,300.
After reaching the 17, 000 mark, how much more can the market go?
Venkat Subramanium, Director, Gryffon Investment Advisors, says, “Well on a day like this to say there is no more, is difficult, particularly after what we have seen in the last two weeks.
There may be more to go but I think we may a correction sooner than we have significant higher levels. We have a carnival kind of atmosphere right now in the market. Carnival elsewhere is good, but with carnival in the market, investors need to be a little cautious.”
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