Mumbai, Oct 21 (IANS): India's equity markets have made more gains on Mondays, Tuesdays and Thursdays than any other day of the week in the last 4-months.

Significantly, India's key stock indices -- S&P BSE Sensex and NSE Nifty50 -- rallied during this period to touch new record highs.

The upswing has prompted many market observers to term the current rally as a multi-year bull run.

Accordingly, stock market data of the last 16 Mondays show that equity market indices gained the most on 13 occasions, while only falling on three.

The average returns on the day during this period has been around 0.20 per cent.

Similarly, during the last 16 Thursdays, key equity indices gained the most on 13 occasions, and fell on three.

However, the average return on Thursdays was higher than those of Mondays. The key indices rose 0.36 per cent on an average.

Besides, Tuesdays have also proved to be a gainful day for the markets with indices rising on 10 of the last 16 occasions.

The average return on Tuesday stood at 0.28 per cent.

In contrast, the data showed that Fridays have generally been a subdued day for the key indices. The markets fell on nine occasions and rose only on seven.

Explaining the trends, Deepak Jasani, Head of Retail Research, HDFC Securities said: "Monday's return (0.20 per cent) is decent coming after a weekend, ahead of which traders have reduced their long positions. Tuesday's return comes in continuation of the uptrend seen on Monday."

"Thursday's return comes after Wednesday's poor show (0.09 per cent average return) and on F&O expiry day when the traders would like F&O close on a high note."

According to Chandan Taparia -- Vice President -- Equity Derivatives & Technical, Broking & Distribution, Motilal Oswal Financial Services: "We are in a structural bull trend and the market is gradually moving upwards with its higher base."

"Major trend of the market is positive and index has been making higher lows from last 11 consecutive weeks and supports are shifting higher."

In addition, Vijay Dhanotiya, Lead Technical Research, CapitalVia Global Research said: "With the stock market being in the bull run, if we will notice we would find only a very few days where the market has shown negative returns."

"Although Monday is an important day as it sets the tone of the market for the whole week. Thursday also has its importance due to expiry and its closing can also provide important insights to what big traders are thinking about the direction of the market and hence due to the increased liquidity and extreme buying in the market it can give sense of positivity in these days although we don't see particular relation with the market."

"Out of 62 trading sessions in the last 3 months we have observed approximately 70 per cent of the trading days ended with positivity."