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Closing Bell: Sensex, Nifty rally for 8th straight day; IT outshines, metals underperform

Markets settled almost flat in a volatile trading session, taking a breather after the recent surge. The benchmark started with positive momentum led by optimism in global markets however profit-taking at higher levels gradually trimmed the gains as the session progressed. Even the announcements made by FM to stimulate consumer spending and capital expenditure failed to cheer investors’ mood. The Nifty settled marginally up to settle around 11,931 levels. The underperformance continued from the broader market indices as they lost in the range of 0.4-0.6%. On the sector front, defensive such as FMCG, IT and Healthcare ended in gains while all the other sectors ended lower wherein Oil & Gas, Metals and Telecom were top losers.
We believe, along with global cues, earnings announcements and macroeconomic data would dictate the market trend. Further, measures announced by FM to help revive the economy as well as spur demand would augur well for major sectors such as FMCG, Auto, Capital Goods, Banking etc. ahead. Amid all, we expect volatility to remain high thus traders should maintain extra caution in trade selection and risk management. Read from source….