Sensex rallies 1000 pts; Nifty above 24,050; What's boosting rally?

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Sensex rallies 1000 pts; Nifty above 24,050; What's boosting rally? - Business Standard

Quick Summary:

Sensex zoomed 755.85 points or 0.96 per cent and logged an intraday high at 79,263.26, while Nifty advanced 231.25 points or 0.97 per cent to the day's high at 23,974.15.

The surge was driven by strong demand for SUVs (sports utility vehicles), a robust recovery in the urban market, year-end discounts, and solid sales of CNG-powered cars.

We are yet to see evidence of momentum, keeping volatility the dominant theme," said Anand James, Chief Market Strategist, Geojit Financial Services.