Mumbai, Jan 4 : The Indian equity market posted a healthy recovery during a volatile trade session Monday as investors resorted to "buying on decline". Resultantly, the Indian benchmark equity indices ended at record closing level rising for the ninth consecutive session. Initially, the market opened with a 'gap up' as positive macro indicators and vaccine advances in India buoyed sentiments. Subsequently, the S&P BSE Sensex crossed the 48,000-mark. However, the market could not sustain itself at higher zones. Just after the initial session, the key indices fell by around 150 points. The dip in high valuations triggered investors' buying spree in the market. Globally, stock markets around the world hit record highs on Monday as investors hoped the rollout of vaccines would ultimately lift a global economy ruined by the Covid-19 pandemic. However, a possible tightening in virus rules for Tokyo pulled Japanese stocks off 30-year highs. Back home, strong FIIs inflow continue to support the positive sentiments. The day's FII inflows stood at over Rs 1,840 crore up from its recent average of over Rs 1,500 crore. Besides, a gauge of activity across India's manufacturing sector remained steady even as employment fell for nine straight months. Among sectors, metals, IT, auto, pharma, PSU banks rose the most, while Bank Nifty ended marginally in the negative. The NSE Nifty50 closed at 14,132.90 points, higher by 114.40 points, or 0.82 per cent, from its previous close. Similarly, the BSE Sensex made gains. It closed higher by 307.82 points, or 0.64 per cent, to 48,176.80 points from its previous close. "The post holiday upbeat mood should sustain for another 1-2 sessions," said Deepak Jasani, Head of Retail Research at HDFC Securities. "14,200 on the Nifty could be the near term target, while a breach of 13,950 could raise some concerns." Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, said: "Volatility needs to sustain below 20 zones to support the bullish market setup and fuel the bulls with a higher market base. Going ahead, the market momentum seen in the last couple of months is likely to continue on the back of strong global cues, sustained inflows, and improving macros trends. Further highest ever GST collections for December at Rs 1.15 lakh crore can add to the positive momentum." "The December quarterly results and Union Budget around 1st Feb will be some of the key events for the market. As the long term market structure remains positive, we would advise investors to adopt Buying on Dips strategy to accumulate quality stocks." Vinod Nair, Head of Research at Geojit Financial Services said: "Every dip is being considered by the traders as an opportunity to buy. Today morning's volatility was brought, fueled by the early rollout of the vaccine in India and positive opening of the European market." "The leader was IT stocks boosted by the hope of a strong quarterly result, which will start soon. The global market has kicked off the year on a positive note as investors across the globe are optimistic about economic recovery on the report over vaccine approval & fiscal support." /IANS