Global cues help Sensex continue run
Nifty continues to trade in the range of 10500-11000 since the past few weeks.
Mumbai: The equity markets rose higher for the fourth straight day led by fresh buying in index heavyweights as global stocks rallied on optimism about an end to the US-China trade dispute.
The Sensex reclaimed 36,000 level mark, climbing 231.98 or 0.64 per cent to close at 36,212.91 while the Nifty closed the session at 10855.15, up 53 points or 0.49 per cent.
“Nifty continues to trade in the range of 10500-11000 since the past few weeks. We have maintained a buy on dips strategy, which has worked well. We continue to maintain a positive stance on the broader markets. A breakout above 11,000 for the Nifty is expected to push it towards 11,200-11,300 levels. Select banking and FMCG stocks are trading with a positive bias while metal stocks continue to remain under pressure,” said Kotak Securities’ Sahaj Agrawal.
According to the provisional data, FPIs bough shares worth Rs 276.14 crore while the DIIs remained net buyers to the tune of Rs 439.67 crore.
However, the broader markets did not participate in the rally as 1,490 stocks traded on the BSE ended the day on a negative note as compared to 1,108 stocks that advanced.
“Post the mid-session, index abruptly took a nosedive and gave away nearly 100 points before anyone could realize. Fortunately for us, this pessimism didn’t last long as we saw strong buying emerging at lower levels. As a result, we had a v-shaped recovery in last one hour of trade to eventually conclude almost at the highest point of the day, which certainly bodes well for the bulls,” said Angel Broking’s Sameet Chavan.