Sensex rallies over 1,000 points: What's behind today's bull run?
India TodayBenchmark stock market indices continued their new rally on Thursday, with Sensex gaining over 1,000 points in the afternoon session with auto, IT and financial sector stocks witnessing a bull run. Stock markets have welcomed the new year with a market rally fuelled by a rise in heavyweight financials and auto sector stocks, with the latter seeing robust sales numbers from leading automakers such as Hyundai India, Tata Motors, Mahindra and Mahindra, Maruti Suzuki etc. "Likely bargain hunting in quality stocks after recent correction with large cash allocations at mutual funds might have also led to strong rebound as markets recovered sharply above key resistance levels around 23800-24000 zone with technical factors turning positive in the short term," said Satish Chandra Aluri, Lemonn Markets desk. The financial sector showed strong performance across the board - Nifty Financial Services Ex-Bank climbed 2.62%, Nifty Financial Services rose by 1.21%, and its 25/50 variant increased by 1.59%.