Jubilation in the stock markets continues as the Nifty gained nearly a percent on the final trading day of the calendar year on Friday, thanks to favourable domestic cues. After a robust start, it inched steadily higher and almost tested the 8200 level, closing the day 82.20 points up at 8185.80. The Sensex, on the other hand, closed the day 260.31 points up at 26626.46.
The FM’s statement on the positive impact of demonetisation on tax collection and easing of working capital lending norms to MSEs by the RBI aided to the sentiment. Also, further recovery in rupee added to the recovery.
Talking about the market, Jayant Manglik, President-Retail Distribution, Religare Securities Ltd, said, “The Nifty looks stable now after this rebound and is expected to inch higher ahead also. However, we suggest continuing with stock-specific trading approach rather focusing on the index. We feel energy and media could do well alongside with select counters from private banking and auto space.”