Indian markets continued to rise for the third day on Thursday tracking positive global cues.Metal, realty, energy and power stocks led the rally.
At 15.01., the Sensex was trading up 275.88 points or 0.54% at 51,057.57 with 24 components gaining. Meanwhile, the Nifty was trading higher by 167.75 points or 1.12% at 15,149.75 with 40 components gaining.
The 30-share benchmark index, BSE Sensex opened with a gain of 425.92 points or 0.84% at 51,207.61, while the broad based NSE Nifty started with a rise of 97.85 points or 0.65%, at 15,079.85.
Tata Motors contributed rise of 52.81 points in the Sensex. It was followed by Tata Consultancy Services (47.14 points), NTPC (44.83 points), Bharti Airtel (28.98 points) and ITC (28.89 points).
However, ICICI Bank contributed fall of 70.83 points in the Sensex. It was followed by Larsen & Toubro (20 points), Housing Development Finance Corporation (14.97 points), and Hindustan Unilever (11.4 points).
Biggest gainers in the 30-share index were Reliance Industries (5.77%), HDFC Bank (5.61%), Oil & Natural Gas Corporation (5.01%), NTPC (4.75%), Indusind Bank (3.69%), and Axis Bank (3.13%).
On the other hand, ICICI Bank (1.74%), Larsen & Toubro (0.78%), Hindustan Unilever (0.69%), Kotak Mahindra Bank (0.63%), and Housing Development Finance Corporation (0.38%) were the major losers in the Sensex.
Market breadth was positive with 1,766 advances against 1,170 declines.
Commenting on the market outlook, Motilal Oswal Financial Services said, "Technically, Nifty formed a strong Bullish candle on daily scale and negated its formation of lower highs of the last five trading sessions. Now, it has to continue to hold above 14,900 to extend its move towards 15,150-15,250 while on the downside immediate support exists at 14,850-14,700 levels. India VIX fell down by 4.21% from 25.23 to 24.16. Overall higher VIX is keeping the roller coaster ride in the market and it needs to cool down for the bullish grip.
Going ahead the market may continue with its volatility given monthly F&O expiry and weak global cues. The valuation too does not provide much comfort given rising bond yields and inflation. Investors should adopt buy on dips strategy while traders should follow stock specific action."
