Domestic equity markets continued to move higher on Thursday and extended their gains to fifth consecutive sessions, bucking the weak sentiments from the global markets. Buying in heavyweight sectors like financials and banking pushed the headline indices higher. However, global uncertainty may weigh on Dalal Street.

For the day, BSE’s barometer Sensex surged more 385.04 points, or 0.58 per cent, to settle at 66,265.56, while NSE’s Nifty gained 116 points, or 0.59 per cent, to close at 19,727.05. Broader markets were in line-line with the headline peers as the BSE midcap and smallcap indices added about half-to-two-third per cent. Fear gauge India VIX jumped more than 2 per cent to 10.87-level.

After a volatile start, markets rebounded sharply to maintain its upward bias for the fifth consecutive session, even as foreign inflows continued to be patchy amid falling rupee and global economic uncertainty. Today’s rally came despite weakness across the Asian and US markets, as investors remain upbeat about India’s long-term growth prospects, said Shrikant Chouhan, Head of Research (Retail), Kotak Securities.

“Technically, the Nifty successfully cleared the short-term resistance of 19,650 and post breakout it intensified the positive momentum. Higher bottom formation on intraday charts and bullish candle on daily charts supports further uptrend from the current levels. We are of the view that, 19,650 would be the key level to watch out for, and above the same the index could move up till 19,800-19,825. On the flip side, below 19,650, the uptrend would be vulnerable,” he added.

On a sectoral front, the Nifty realty index topped among the gainers, while the Nifty PSU bank, media private bank and financial services indices added about a per cent each. Among the laggards, the Nifty FMCG, Metal, Pharma and healthcare indices settled in red for the day.