BSE Sensex ended the day with a hefty gain of 691.55 points, or 3.61%, at 19,854.12, while the broad-based NSE Nifty closed at 5,985.10, up 218.6 points, or 3.79%.
Bharat Thakur, Assistant Manager, Karvy Stock Broking, said that the market was up 700 points ahead of expiry. There was short covering witnessed in the frontline stocks viz. RIL, REL, ONGC and PSU Banks. IT stocks traded strong during the day.
He said crucial support for Nifty is at 5,650 and if it crosses this level, market market may see a new high.
Global cues was the another reason which sharply led the market.
Market may see volatility till Thursday ahead of the expiry. Further he added that the market is expected to move up on Wednesday.
Thakur recommended stocks like Hindustan Zinc, L&T, Axis Bank, Varun Industries and Info Edge.
Anand Dama, Research Analyst, KJMC Securities, said that the market saw huge jump due to the positive news from global market and Gujarat assembly result. It was also due to SEBI`s decision on allowing short selling to institutional investors.
For the third consecutive time, BJP has won the election in Gujarat. The election result had a positive effect on the market as well as on the Gujarat based companies, which opened on a strong note.
Market may open on a positive note on Wednesday, according to him.
Stocks to be watched out for are Shree Cement, JK Cement, Bank of Baroda and HDFC Bank
The market will remain closed on Tuesday(December 25) on the eve of Christmas.
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