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Global cues unleash bulls in equity market, pharma stocks rally

Bullish global cues after the US FOMC meet lifted the key Indian equity indices to reach new record intraday highs on Thursday.

Global cues unleash bulls in equity market, pharma stocks rally
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New Delhi, Dec 17 Bullish global cues after the US FOMC meet lifted the key Indian equity indices to reach new record intraday highs on Thursday.

Accordingly, the market had a "gap up" opening at their respective high levels.

In terms of sectors, most of the indices traded in the green. Among them, Pharma, Realty and Financial Services indices were the major gainers.

At 2.30 p.m., Sensex was trading at 46,868.59, higher by 202.13 points or 0.43 per cent from the previous close.

The Nifty50 was trading at 13,738.65, higher by 55.95 points or 0.41 per cent from the previous close.

"Considering current chart structure and derivatives data, we are expecting continuation in ongoing up move of Nifty towards 13,900 levels in coming week. Thus, traders are advised to remain positive and use intraday dips as a buying opportunity" said Jay Purohit, Technical & Derivatives Analyst, MOFSL.

"On the stocks front, one can look for buying opportunities in stocks like HDFC Bank, Lupin, Bharti, Apollo Tyre and Godrej prop."

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