Below is the Views On Market Analysis by Mr. Ajit Mishra, VP - Research, Religare Broking Ltd
The bulls continued to maintain their firm grip on the markets as the benchmark indices registered gains for fifth consecutive sessions led by positive global cues. It further gained momentum, encouraged by the PM’s speech at CII session that India’s economy would get back on track as the government is working towards systematic reforms which boosted investors’ sentiments. Consequently, the Nifty index ended higher by 1.6% to close at 9,979 levels. The broader markets too registered healthy gains. On the sector front, except FMCG which ended with minor losses, all the other indices ended in green wherein realty, banking and consumer durables were the top gainers.
The benchmark has gained over nine percent in the last five sessions and trying to be in sync with global peers. We may see some consolidation or profit-taking ahead, citing critical hurdle around 10,050 zone however the buoyancy in banking would help the index maintaining a positive tone. We reiterate our advice focusing on stock selection.
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