After two days of pause, domestic equities resumed their uptrend as sentiments improved after data showed an easing in US inflation and better-than-expected China manufacturing data, says Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.
Nifty opened higher and gained momentum throughout the session to close with gains of 108 points at 19754 levels.
Broader market closed with gains of 1 per cent. All sectors ended in the green, except for FMCG and Healthcare. Metals, IT, Auto, oil & Gas, and Consumer Durables ended with gains of more than 1 per cent, he said.
Indian Equities ended positively for the fourth consecutive month with Nifty gaining 2.9 per cent on the back of a healthy Q1 earning season, a 6 per cent surplus in rainfall, and positive FIIs flow during the month, he said.
“Going ahead, we expect the market to continue its northbound journey with phases of consolidation. The power sector remains in focus after NTPC reported strong quarterly results. Auto stocks will be in action as companies are likely to release improving monthly sales numbers, especially 2W and CV segment,” he added.
Deepak Jasani, Head of Retail Research, HDFC Securities said Nifty bounced up post a two day fall and now is headed towards 19826-19868 band. On falls 19563 could offer support. Broader market is performing even better even as the results season has entered a peak fortnight. Nifty gained 2.94 per cent over the month of July.
Vinod Nair, Head of Research at Geojit Financial Services said Indian indices have resumed their rally, following the global market trend, as cooling inflation across the globe gave hopes of an end to the policy tightening era.
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