Reach all time high
Indian stock markets indices, the Sensex and the Nifty, rallied high and ended at record levels on Thursday, recording the sixth straight session of growth.
While the Sensex sprinted 569 points to end at 61,306, the Nifty jumped 174 points by crossing the 18,300-mark, reports Xinhua.
NIFTY-50 is a benchmark Indian stock market index that represents the weighted average of 50 of the largest Indian companies listed on the National Stock Exchange.
It is one of the two main stock indices used in India, with the other being the Bombay Stock Exchange's (BSE) SENSEX representing 30 shares.
The top sectors that gained during the day trading were banking and the metal industries.
After opening firmly at record highs on Thursday, both the Sensex and the Nifty continued on a sixth straight session of growth and closed at further highs.
According to media reports, the early half of the day saw a bull run by Information Technology (IT) stocks led by Infosys and Wipro, whose results were out Wednesday. The latter half saw a rally from banking and metals adding to gains.
The Nifty crossed the 18,000-mark on Monday, two weeks after the Sensex went past the 60,000-mark. Both indices hit all time highs on Monday, fuelled by buying in auto, power and banking stocks, reported The Times of India.
The rise in stock indices was mainly attributed to the impressive sales in the automotive sector during the ongoing festive season.
With a 4% rise in the stock market, India's auto giant Maruti Suzuki was the top gainer, while Tata Motors, which rose 9% in its stocks, rallied the most in the Nifty.
According to the report, the Nifty, which took 28 sessions to rally from 17,000 to 18,000, has risen 28% this year, outperforming several global indices.
Siddhartha Khemka, head of Motilal Oswal Financial Services, told a local media outlet that "the rally has been driven by strong liquidity, healthy corporate earnings, and upbeat commentaries."
Falling Covid-19 cases leading to the opening of the economy, government policies like production linked incentive schemes, as well as relief from telecom and privatization of Air India have also been supporting markets, Khemka said.