Markets extend rally as metal stocks outperform; Sensex settles over 61k, Nifty above 18,165
Indian markets extended their rally for a second consecutive day on Wednesday with Sensex regaining its psychological mark of 61,000 and Nifty 50 rising above 18,100 levels. The slowdown in the FIIs selloff, coupled with stellar buying from domestic investors, major Q3 earnings, and budget expectations played a key role in lifting the markets. Metal and capital goods stocks outperformed, while PSU banks emerged as top laggards. Also, the rupee too strengthened against the US dollar tracking Asian peers.
Sensex rose by 390.02 points or 0.64% to end at 61,045.74, while Nifty 50 climbed by 112.05 points or 0.62% to close at 18,165.35. In trading hours, the 30-scrip benchmark had touched an intraday high of 61,110.25 and the Nifty 50 an high of 18,183.75.
India’s volatility index dropped by nearly 1.5%.
Vinod Nair, Head of Research at Geojit Financial Services said, “After the adverse performance during the last one and a half months, the Indian market has been advancing in the last 2-3 trading days. The trend is supported by the marginal improvement in FIIs inflows and the upside in domestic investments. The domestic investors are adopting buy on dip strategy.”
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Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.