Banking stocks lift markets, Sensex breaches 50,55O-mark again

MUMBAI: India's equity indices continued on their northward trajectory during the mid-afternoon trade session on Thursday.

Accordingly, buying momentum was triggered after the market opened on a flat note due to profit booking.

Amongst sectoral indices, PSU Banks, Metal, FMCG and Auto indices were the major gainers.

Market Breadth also remained strongly in favor of advancing counters for the fourth consecutive session.

Consequently, Sensex traded at 50,557.02, higher by 301.27 points or 0.60 percent from its previous close of 50,255.75.

The Nifty50 or the National Stock Exchange was trading at 14,875.10, higher by 85.15 points or 0.58 percent from its previous close.

"Nifty index opened flattish and some profit booking decline could be seen in the initial hour. But the bulls took the intraday dip as a buying opportunity and pulled the index above 14850 levels," said Jay Purohit, Technical & Derivatives Analyst, MOFSL.

"Bank Nifty opened gap down and consolidated in a range in the initial hour of trades. But traders continued their buying momentum of the last three sessions and as a result, BankNifty registered a new all-time high of 35062 levels." According to GauravGarg, Head Research, CapitalVia Global Research: "Market opened on a flatter note and we have observed a lackluster movement in the market as it moves towards the 15000 marks." "Asian markets came under pressure on Thursday due to mixed US session and investors' panic regarding the chaos driven by Game Stop." (IANS)

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