Indian market surges and extends rally

Indian capital market started factoring in pre-budget rally and traded bullish trend on Wednesday. Markets stayed firmly bullish and closed marching towards 8400. BSE Sensex and Nifty indices closed about 0.9 per cent and 1.11 per cent upside.

At closing bell, the Nifty ended 92 points upsides at 8380 and the BSE Sensex increased by 240 points to close at 27140. All sectoral indices closed in green, except IT.

The advance-decline ratio stood strong in the closing session. On the NSE, 42 shares closed in green, while nine shares ended the day in red.

Auto index increased more than 200 points. Bankex and Metals surged almost 500 points each. Capital Goods rose by 197 points. consumer durable, healthcare and, oil and gas increased by 80, 113, 59 points respectively.

Meanwhile, IT index remained subdued and down by 1.78 points. Mid-caps were up by 170 points and small-caps were up by more than 123 points.

In Asia, the markets closed with mixed trend on Wednesday too. Shanghai reduced by 0.79 per cent while  Nikkei and Hang Seng rose by 0.33 per cent and 0.84 per cent respectively. When KOSPI boosted by 1.47 per cent; Taiwan went low by 0.04 per cent. Overall, European markets witnessed a positive trend.

Derivative Analysis

Nifty future closed on positive note; closed at 8385 mark. Going ahead 8455/8301 will be the immediate support levels.