IGI Logo

Below the Perspective on Markets by Mr. Vikram Kasat, Head - Advisory, PL Capital - Prabhudas Lilladher 

Markets extended gains for the second straight day, buoyed by strong global cues and broad-based sectoral buying ahead of the Reserve Bank of India’s monetary policy outcome. Easing US Treasury yields and a weaker dollar supported investor sentiment, pushing the Nifty past the 24,700 mark for the first time. Reliance Industries and key private banks led the rally, while select financial names saw profit-taking.

Top 5 Highlights:

* Sensex gained 443.79 points (0.55%) to close at 81,442.04; Nifty rose 130.70 points (0.53%) to end at 24,750.90.

* Eternal, Dr Reddy’s Labs, Trent, Power Grid Corp, and ICICI Bank were top Nifty gainers.

*  IndusInd Bank, Bajaj Finserv, Axis Bank, Tata Consumer, and Bajaj Finance were key laggards.

* Broader markets outperformed with BSE Midcap up 0.4% and Smallcap gaining 0.65%.

*  All sectoral indices ended higher except PSU Bank, media, and auto; IT, pharma, metal and realty rose up to 1.7%.

Bottom Line:

Optimism ahead of the RBI policy and firm Asian cues helped benchmarks scale new highs. Market focus now shifts to the central bank’s stance, with hopes pinned on a dovish signal.”

Above views are of the author and not of the website kindly read disclaimer