Equity markets charted a U-shaped trajectory on Thuraday, starting and ending the session with healthy gains. The S&P BSE Sensex hit a record high of 74,502 in the early hours, before turning lower for better part of the day. The index gained strength again in the fag-end, closing at 74,228, up 351 points or 0.47 per cent.
The Nifty50, too, steered a similar course where it hit a lifetime high of 22,169 in opening deals. It, then, turned lower before ending the session at 22,515, up 80 points or 0.36 per cent.
Most of these gains were on account of a 3-per cent rally in the stock of HDFC Bank. That apart, Tech M, Asian Paints, TCS, Titan Company, Maruti Suzuki, Wipro, Bajaj Finserv, and Ktak bank gained over 1 per cent each.
In the broader markets, the BSE MidCap and SmallCap indices ended mixed with the former down 0.1 per cent but the latter up 0.56 per cent.
Among sectors, the trend was mixed with the Nifty Private Bank, and IT indices advancing over 1 per cent each, but th Nifty Oil and Gas index down 1.4 per cent.
“Global and domestic cues indicate that the market is likely to consolidate in the coming days and start “responding to Q4 results as they start coming. So, Q4 results will be the next major trigger for the market from a sectoral and stock-specific perspective,” said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
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