Sensex tops 59,000 mark, Telecom stocks soar

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Sensex tops 59,000 mark, Telecom stocks soar
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India's key stock indices rose during mid-afternoon trade session on Thursday to reach new intra-day record high levels.

Accordingly, both key indices - S&P BSE Sensex and NSE Nifty50 -- made new record highs.

The Sensex crossed the 59,000 mark, while Nifty breached the 17,500 level.

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As per market observers, the up moves comes a day after government announced support measures for some beleaguered sectors along with provisions for PLI schemes for others.

Initially, both key indices had a gap-up opening.

However, global cues capped gains as Asian markets were largely weak as the debt crisis at China Evergrande Group and Beijing's latest push to rein in private industries hurt sentiments.

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Among sectors, Telecom, Banks and FMCG indices rose the most.

At 2.00 p.m., S&P BSE Sensex traded at 59,057.82 points, higher by 334.62 points or 0.57 per cent from its previous close.

Similarly, NSE Nifty50 traded higher. It rose to 17,599.70 points, higher by 80.25 points or 0.46 per cent from its previous close.

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"Volumes picked up further in the morning session but has cooled off a bit post noon," said Deepak Jasani, Head of Retail Research, HDFC Securities.

"Advance decline ratio has fallen to just above 1:1 suggesting profit taking in broader markets."

According to Likhita Chepa, senior Resaerch Analyst, CapitalVia Global Research: "Sentiments got boost as government has approved a big-bang relief package for the stressed telecom sector."

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"Our research suggests that if the market is able to sustain the level of 58,900, we can witness higher levels of 59,000-59,100 as the momentum indicators like 'RSI' and 'MACD' to stay positive and market breadth to improve, further strengthening a short-term bullish outlook."

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