The numbers traded up following reports that the US and China are close to sealing a trade a deal that is likely to result in suspended tariffs along with a major election victory of Brexit supporter Boris Johnson in the UK.
Indian equity markets soared higher for the third straight session as firm global cues fueled investors' risk appetite. While the BSE Sensex 428 points and stayed above the psychological mark of 41,000 before finally settling at 41,009.71, the broader Nifty 50 ended at 12,086.70, up 114.90 points or 0.96%.
The gains on Sensex were led by Axis Bank with a hike of 4.21%. Vedanta, State Bank of India (SBI), Maruti Suzuki India, and IndusInd Bank followed behind. On the other hand, Bharti Airtel's share price fell by 2.46%. Other losers included Kotak Mahindra Bank, Bajaj Auto, and Asian Paints.
The numbers traded up following reports that the US and China are close to sealing a trade a deal that is likely to result in suspended tariffs along with a major election victory of Brexit supporter Boris Johnson in the UK.
"Nifty and Sensex closed sharply higher at 12,087 and 41,010 respectively. Global positive cues and strength in Indian Rupee has caused the rally in equities. It was a broad-based rally for the market as A/D ratio was close to 2:1, and except Nifty Pharmaceutical, other indices did extremely well. It’s an all-time highest closing for the market on a weekly basis where we saw rally in broader market too. Based on the performance of PSU banks in every rally of the market we are of the view that it should outperform in the near term. Technically, the market has confidently crossed the level of 12080, which is positive for the market and the strategy should be to trade long on dips between 12000 and 11950. On the down side, 11900 levels would be the ultimate support for the market. Above 12100, Nifty would face hurdles at 12160 and 12250," said Shrikant Chouhan, Senior Vice-President, Equity Technical Research, Kotak Securities.
In the previous session, the 30-share gauge settled at 169.14 points, or 0.42%, higher at 40,581.71, while the Nifty closed 61.65 points or 0.52%, up at 11,971.80.
Speaking on the Indian share market outlook Prakash Pandey, MD & CEO at Plutus Advisors told Zee Business, "This rise is mainly due to the positive speculations in regard to the US-China trade talks scheduled on 15th December 2019." He said that since, majority of the indices have closed above the psychological levels as Sensex closed above 41,000, Nifty above 12,000 and Bank Nifty above 32,000 levels, we can expect further upside momentum in the coming few trade sessions.
Among the major Asian markets, the Japanese Nikkei 225 index shot up 598 points from its Thursday close, Kospi surged 1.54%, Hang Seng rose 693 points while the Shanghai markets added 51 points.
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 "Sensex jumps 428 points to close at 41,0100, Nifty settles at 12,087")
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