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Equity benchmarks rallied for second straight session on Tuesday and hit their highest level in more than two months as the daily rise in Covid19 cases stayed below the 3 lakh mark for a second straight day.

Sensex closed 613 points, or 1.24% higher at 50,193. Nifty closed with a gain of 185 points, or 1.2% at 15,108. In fact, in just two days, the Sensex has gained 1,500 points or 3%.

Broader markets outperformed the benchmarks as the BSE Midcap and Smallcap indices closed 1.87% and 1.28% higher, respectively.

Positive global cues and strong fourth quarter performance by India Inc also helped stock markets surge. Reliance Industries and financials supported the rally in markets today and among sectoral indices, Nifty Auto index rallied the most over 3% followed by metal, financial services, private bank and media indices that rose over 1%. On the other hand, selling was seen in PSU Bank, FMCG and pharma indices. BSE Telecom fell 1.66%.

Vinod Nair, Head of Research at Geojit Financial Services said, “In anticipation of rapid fall in covid cases, the implication of corporate results and favourable Asian markets, the Indian market has reverted with a strongly after the 3 months of muted performance. Global futures indices rose ahead of the release of the Fed’s policy minutes, which is due on Wednesday, in anticipation of accommodative outlook.”

In terms of particular stock movement, M&M, Bajaj Auto, Titan Company, Bajaj Finance and Adani Ports & SEZ were the top gainers while Bharti Airtel, ITC, Coal India, Dr Reddy’s Laboratories, and Divi’s Labs were the top losers.

Here’s how experts see markets trading on Wednesday

Manish Shah, Founder, www.Niftytriggers.com

Nifty closed the day sharply higher as Nifty broke above the major consolidation pattern. The barrier at 15,050-15,000 is now standing clear. The range-bound action in the last three months is now coming to an end.

Nifty was locked in a trading range for the last two months and as the market gapped above the resistance zone this seems to be a breakaway gap. Price gapping out of a consolidation area enhances the power of a breakout. With this Nifty is likely to see a rally towards the recent high at 15430-15500 and a break above zone could mean a rally towards 16000-1610 over the next several weeks. As long as Nifty holds above 14750 the trend has changed from sideways to up. Traders should be long this market.

Nagaraj Shetti, Technical Research Analyst at HDFC Securities

The short-term trend of Nifty continues to be positive. Nifty not showing any profit booking in the next couple of sessions could open the next upside levels of 15,450-15,500 in the near term. Immediate support is placed at 15,000 levels.

Ajit Mishra, VP – Research, Religare Broking

Nifty has finally regained momentum after spending nearly two months in a consolidation range and reclaimed the 15,000-mark. The rise can be attributed to a decline in India’s Covid cases and stability in the global markets. Among the sectoral indices, banking and auto have witnessed decent traction in the last two sessions after underperforming for nearly a month or two. Indications are in the favour of prevailing up move to continue thus we suggest continuing with the “buy on dips” approach