The Nifty ended its three-day long consolidation today and gained nearly a percent, thanks to favourable domestic cues and supportive global markets. On the local front, traders took note of the recent report showing a 27% rise in FDI during the April-October period of the current fiscal compared to the same period of last fiscal.
The Nifty closed the day 83.30 points up at 8273.80, while the Sensex ended at 26878.24, up by 245.11 points. Besides, upbeat global markets and appreciation in the rupee against the dollar added to the momentum. Almost all the sectoral indices, barring IT, contributed to the rally and the market breadth too was inclined strongly on positive side.
Giving his views on the market, Jayant Manglik, President-Retail Distribution, Religare Securities Ltd, said, “The Nifty has strong hurdle at 8300 and it has almost reached to that mark. From here on, banking holds the key for further up move, else consolidation will set in again. So, we maintain our advice to closely watch developments on the banking front and uphold stock-specific trading approach in the meanwhile.”