nifty: Market Watch: Nifty rally can continue in short term | The Economic Times Podcast

Tracking gains in other global equity markets, Indian equity indices closed in the green zone, led by the gains in banking, financial and IT stocks.

The 30-share Sensex ended 685 points higher at 57,920. Its broader peer, Nifty50, ended at 17,186, up 171 points.

Among Sensex stocks, Infosys, HDFC Bank, HDFC, HCL Tech and L&T were the top gainers in today’s trading session, rising around 2-4 per cent. ICICI Bank, Kotak Bank, Bajaj Finance, Dr Reddy’s Labs and SBI also settled higher. However, M&M, Asian Paints, Reliance and Bharti Airtel ended the session with cuts.

Sectorally, the Financial Services rose 1.82 per cent and Nifty IT surged 1.63 per cent. Nifty Pvt Bank and Nifty Pharma also closed higher. However, Nifty Midcap50 ended flat with negative bias while Smallcap50 advanced 0.12 per cent.

Earlier in the day, Asian markets ended higher, China’s Shanghai Composite, South Korea’s Kospi and Japan’s Nikkei surged 1.84 per cent, 2.30 per cent and 3.25 per cent, respectively. The rupee ended at 82.3500 per U.S. dollar on Friday, compared with 82.3450 in the previous session.

Brent crude December futures declined 0.70 per cent to $93.91 per barrel. The market capitalisation of all listed companies on BSE increased by Rs 41,000 crore to Rs 270.29 lakh crore. The market breadth was skewed in favour of bulls. About 1,831 gained, 1,613 stocks declined, and 149 remained unchanged.

Mr Vinod Nair of Geojit Financial Services said the rally can continue in the short-term, led by festival demand, Q2 results and positive trend of the global market.

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