Below is the Views On Market Analysis by Mr. Ajit Mishra, VP - Research, Religare Broking Ltd.
The bulls were back in charge, after a minor pause in yesterday’s session and helped the benchmark to gain over one and a half percent. Initially, favourable global cues led a firm start, followed by healthy buying interest throughout the session. On the sector front, all the indices ended in green wherein Auto, IT and Metal were the top gainers. The broader markets too participated in the up move but underperformed the benchmark as both Midcap and Smallcap index ended higher by 0.8% and 0.6% respectively.
Going ahead, the FOMC meet outcome (on 29th July) would be one of the key events to watch out for. Besides, the key economic data points would provide more clarity on the recovery in the economy. On the domestic front, earnings announcements from companies and auto sales numbers would be on investors’ radar. We advise continuing with a positive yet cautious approach as Nifty is inching closer to the next hurdle at 10,350 levels.
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