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The market capitalisation of BSE-listed firms reached an all-time high of over 280.52 lakh crore on Thursday, helped by the recent rally in equities. The 30-share BSE Sensex today ended 37.87 points or 0.06 per cent higher at 60,298. This is the benchmark's fifth straight session of gains. The Sensex is now about 2,000 points away from its all-time highs. 

Tracking rally in equities, the market capitalisation of BSE-listed firms jumped to 2,80,52,760.91 crore today. Earlier on January 17, the market capitalisation (mcap) of BSE-listed firms had reached a lifetime high of 2,80,02,437.71 crore.

“Recent gains in Indian indices have been helped by a combination of factors including encouraging macro data, fall in commodity prices, slowing inflation that may lead to central banks globally softening their monetary policy stance earlier than expected etc. Return of buying by FPIs has also helped. The steepness of the rally from the lows of June 2022 without any major correction on the way has been beyond the expectations of most investors," said Dhiraj Relli, MD &CEO, HDFC Securities.

“While some stocks are still much below their recent highs, this is a normal phenomenon with sectors and stocks taking turns to perform. Investors now eagerly await the Nifty touching all-time highs, while some skeptical investors feel that this may be a bear market rally," he added. 

Persistent foreign fund inflows have further bolstered investor sentiment of late. Kotak Mahindra Bank was the biggest gainer in the Sensex pack, climbing 3.45 per cent, followed by Larsen & Toubro, Bharti Airtel, IndusInd Bank, UltraTech Cement, Power Grid, State Bank of India and ITC.

Ajit Mishra, VP - Research, Religare Broking Ltd, said: “Markets traded in a narrow range on the weekly expiry day and ended almost unchanged, taking a breather after the recent surge. The benchmark opened marginally lower in early trades tracking feeble global cues and remained range bound till the end."

On the other hand, Dr Reddy's Laboratories, Wipro, Infosys, Mahindra & Mahindra, Axis Bank and Nestle were among the laggards.

Nifty technical outlook

“Technically, on the short term time frame, the index consistently forming higher high and higher low formation which is broadly positive. But at current levels, investors need to be cautious while adding long positions. For the traders now, 17850/60000 would be the key support level, above which, it could hit the level of 18000-18070/60500-60700. On the flip side, traders may prefer to exit out from trading long positions if the index succeed to trade below 17850/60000. Below which, the it could slip till 17750-17700/59700-59500," said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

Ajit Mishra, VP - Research, Religare Broking Ltd, said: “We’re in the fifth successive week of advance and rotational buying across sectors helping the index maintain the prevailing trend. We’re eyeing 18,100 in Nifty and reiterate our view to continue with the “buy on dips" approach. Participants should focus more on stock selection after the recent surge and focus more on the sectors/stocks which are trading in sync with the benchmark instead of focusing on laggards."

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