FII selling streak caps Nifty upside
Domestic equities held on to their positive stance despite mixed global cues. Nifty opened higher and remained in positive territory throughout the session to close with marginal gains of 81 points at 19598 levels, says Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services.
Majority of the sectors ended in green with buying seen in IT & Pharma. Markets are likely to trade in a range ahead of RBI policy this week, he said.
FIIs continued their selling streak for the last few days, thus keeping the upside limited, he added.
Vaibhav Vidwani, Sr. Research Analyst, Bonanza Portfolio said after finding countries supplying inferior quality optical fibers, government imposed 5 year anti-dumping duty on import of optical fiber from countries like Indonesia, Korea, China therefore all optical fiber user companies were trading at higher level today because this will improve material quality and decrease inventory losses.
Today, the last day of bidding, SBFC financial's initial public offering (IPO), a non-banking financial firm, was subscribed 18.73 times, he said.
Divis Laboratories, Mahindra & Mahindra, SBI Life Insurance, LTIMindtree and Adani Ports were among the top gainers on the Nifty, while the top losers were Britannia Industries, Tata Motors, Bajaj Auto, State Bank of India and Axis Bank, he added.
