Mumbai, Nov 12 : Recommencement of foreign fund inflows along with expectations of healthy macro-economic data points and accelerated economic recovery aided India’s key equity indices — S&P BSE Sensex and NSE Nifty50 — to break a three-day losing streak on Friday.
The FIIs bought Rs 511.10 crore on the BSE, the NSE and the MSEI in the capital market segment during the day’s tarde.Initially, the market had a gap-up opening and sustained the upmove.
Globally, Asian share prices advanced on Friday after Wall Street benchmarks managed to close mostly higher on the previous day.
However, European shares were largely muted on Friday, continuing to search for direction as global investors assess recent high inflation prints and corporate earnings, but were on course to mark their sixth straight weekly gain.
In terms of domestic market, realty, power, capital goods, telecom and IT indices gained the most, whereas there were no sectoral losers.
Consequently, the 30-scrip Sensex closed at 60,686.69 points, up 767 points or 1.28 per cent from its previous close.
Similarly, the NSE Nifty50 ended the day’s trade on a higher note, gaining to 18,102.75 points, down by 229.15 points or 1.28 per cent from its previous close.
“Nifty rose smartly on November 12 after a three day fall.However the broad er market is lagging going by the negative advance decline ratio and low vol umes,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
“Nifty has closed just short of the resistance of 18,113.A move above this c ould take it to 18,192-18,296 band,” he added.
According to Vinod Nair, Head of Research at Geojit Financial Services: “The momentum which was lost during the week was regained as inflation worries s tarted fading with investors shifting their focus to good quarterly earnings, economic recovery and strong domestic macro data points.Today’s market rally was led by IT, energy and realty stocks while g lobal peers traded mixed.”
Rohit Singre, Senior Technical Analyst at LKP Securities, said: “The index opened the day with a good gap and managed its bullish stream throughout day and closed the day’s trade at 18,103 with gains of more than one per cent, forming a bullish candle on daily chart.
“The index has moved above its strong hurdle zone of 18,000-mark which hints if prices managed to hold above the 18,000-mark then one can expect a current pullback to extend further towards 18,200-18,300 zone, which is an immediate hurdle zone on the higher side.Also, any din near 18,000-mark will be again fresh buying opportunity #Foreign #inflows #healthy #macros #Realty #Mumbai #StockExchange #SenSex #Nifty #India #Economy
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