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Below is the Views On daily market quote by Mr. Deepak Jasani, Head Retail Research, HDFC securities
Markets ended with hefty gains on Tuesday rising for the second consecutive day. In the process, the Nifty broke out of the recent trading range and closed at 6 day high. The Nifty index ended 72.7 points or 0.63% higher at 11,661.05. Broad market indices like the BSE Mid Cap index gained more, thereby outperforming the Sensex/Nifty. Market breadth was negative on the BSE/NSE. Some sense of stability in broader markets seem to be returning.
Sectorally, the top gainers were the BSE Realty, Oil and Gas, Consumer Durables and Power indices. The top loser was the BSE IT index.
Yes Bank shares closed 11.4% higher after a media report indicated that 4 private equity firms have showed interest for major stake in the private sector lender.
Most Asian stock markets rose on Tuesday, but gains were limited as investors awaited U.S. retail sales data and corporate earnings to gauge the health of the world’s biggest economy ahead of a likely U.S. rate cut later this month.
Technically, while the Nifty has rallied today, the underlying trend remains down. The Nifty would need to cross the immediate highs of 11710 for the current short term downtrend to reverse. Immediate support is now at 11574.
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