Indian equity benchmarks on Thursday hit new highs for the third consecutive session after the government announced a production-linked incentive for the auto sector and a relief package for the cash-strapped telecom sector, boosting investor sentiment. The Sensex rose 481 points to a record high of 59,204.29 and the Nifty 50 index climbed above the 17,600 mark for the first time. ITC, Reliance Industries, ICICI Bank, State Bank of India, HDFC Bank and Kotak Mahindra Bank were among the top movers in the Sensex.
The Sensex closed 418 points higher at a record high of 59,141.16 and the Nifty 50 index rose 110 points to an all-time high of 17,629.
“If Nifty is able to sustain the level of 17,300, we may see a higher level of 17,700 as momentum indicators like Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are likely to remain positive. Capital “Term bullish outlook for the markets,” said Likita Chepa, Senior Research Analyst, Via Global Research.
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