Tracking firm global cues, BSE barometer Sensex rose 934.23 points or 1.81 per cent to close at 52,532 level, while the Nifty50 closed above the 15,600 mark to post their best session in three weeks.
Nifty recorded the largest 1 day point gain since May 17.
Among sectors, Oil & Gas, Power, Realty, Metals, Consumer Durables and IT gained the most. Small and Midcap space has outperformed the Nifty contrary to the behaviour on the previous day.
On daily charts, the Nifty has formed a promising bullish candle which supports a further uptrend from the current levels. However, the medium-term trend is still on the weak side.
Siddhartha Khemka of Motilal Oswal Financial Services, said positive global cues, fall in crude oil prices and short covering in derivatives segment drove the markets. Further, value buying in beaten down sectors also helped the market to gain some momentum today.
While the overall market set up continues to remain ‘Sell on rise’ – intermittent bouts of relief rally can’t be ruled out.
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