Sensex Surges Over 450 Points, Nifty Ends Above 17,500 Led by Reliance

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Sensex Surges Over 450 Points, Nifty Ends Above 17,500 Led by Reliance

Indian equity benchmarks surged on Thursday as November futures and option contracts expired led by gains in index heavyweights like Reliance Industries, Infosys, Kotak Mahindra Bank, HDFC Bank, ITC, Bharti Airtel and Tech Mahindra. The benchmarks opened lower but soon gave up intraday losses with Sensex rising as much as 758 points from the day’s lowest level and Nifty 50 reclaimed its important psychological level of 17,500 after hitting an intraday low of 17,351.

The Sensex ended 454 points higher at 58,795 and Nifty 50 index rose 121 points to close at 17,536.

“If the Nifty is able to sustain above 17,500, it can go up to 17,600-17,700 levels. The momentum indicators like relative strength index (RSI) and moving averages convergence divergence (MACD) are indicating positive momentum in the market,” said Vijay Dhanotiya, lead of technical research at CapitalVia Global Research.

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