The market opened with a huge gap up on Wednesday. The Sensex is currently at 19,604, up 568 points from the previous close. Nifty is at 5857, up 162 points. All BSE sectoral indices are trading in the positive terrain. The BSE IT index is up 3%, along with the BSE Metal index.

Market openeing was in line with expectations and international cues, says Sandeep Wagle, Chief technical analyst with Angel Broking, on NDTV Profit. If the Sensex closes above 19,600 and shows similar strength for the next couple of days, then a new high, either on the Sensex or the Nifty, can be expected this week, he says. But if profit booking takes place, then the market may take a month or so to make a new high, he adds.