Market Watch: Rotational buying across sectors helping Nifty bulls

Market Watch: Rotational buying across sectors helping Nifty bulls

Welcome to ETMarkets Watch, your daily wrap-up to the day on Dalal Street. I am Nikhil Agarwal.

Continuing their gaining streak for yet another day, benchmark equity indices managed to erase all intra-day losses in the final trading hour to end above the flatline.

After opening lower on weakness in IT and pharma stocks, domestic shares were muted for most of the session but staged a rebound in the final hour of trade. The 30-share pack Sensex recovered 352 points from the day’s low and ended only 37.87 points higher but still above the 60,200 mark. Its broader peer, Nifty50, also managed to settle above the 17,950 mark.

Kotak Mahindra Bank led the gainers’ pack, rising nearly 4 per cent, while Bharti Airtel, IndusInd Bank, UltraTech Cement, Power Grid, and SBI also rose around 1-2 per cent each. On the other hand, DRL, Wipro, Infosys, Axis Bank and Nestle cracked between 1-2 per cent each.

Though buying was seen in realty, power, FMCG, and banking names, weakness in IT, auto, oil and gas and pharma scrips limited gains.

Broader markets marginally outperformed with Nifty midcap rose 0.19 per cent while smallcap index added 0.16 per cent. The rupee slipped on Thursday against a steady greenback that found support from minutes of the US Federal Reserve’s last meeting that hinted higher interest rates could stick for longer.

Mr. Ajit Mishra, VP – Research, Religare Broking said we’re in the fifth successive week of advance and rotational buying across sectors helping the index maintain the prevailing trend. He said the index is eyeing 18,100 and suggests buying on dips.

That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye.

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