The Indian equity benchmarks scaled new highs for third session in a row on Thursday as investor sentiment got a boost after government announced production linked incentive for auto sector and a relief package for telecom cash strapped telecom sector. The Sensex rose as much as 481 points to hit record high of 59,204.29 and Nifty 50 index climbed above 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 rose 418 points to close at record high of 59,141.16 and Nifty 50 index advanced 110 points to close at an all-time high of 17,629.
“If the Nifty is able to sustain the level of 17,300, we can witness higher levels of 17,700 as the momentum indicators like relative strength index and (RSI) and moving average convergence divergence (MACD) are likely to stay positive further strengthening a short-term bullish outlook for the markets,” said Likhita Chepa, senior research analyst, CapitalVia Global Research.