IT, realty stocks lead big Nifty gains on positive global cues
All the sectors ended the day in green with Realty, IT, and Auto being the outperformers. A mixed trend was seen in the broader markets where Smallcap outperformed while Midcap marginally underperformed, he said.
IANS
NEW DELHI: Following strong domestic as well as global cues, Nifty50 commenced the day on a firm note and gradually compounded its gains to settle at 19,675.45, advanced by 231.90 points, says Aditya Gaggar, Director of Progressive Shares.
All the sectors ended the day in green with Realty, IT, and Auto being the outperformers. A mixed trend was seen in the broader markets where Smallcap outperformed while Midcap marginally underperformed, he said.
The next critical hurdle for the Index stands at 19,840 while the downside is protected at a strong support zone of 19,550-19,580, he said.
Vinod Nair, Head of Research at Geojit Financial Services said the market's strong gap-up jump in response to positive global cues on account of the softer than anticipated US and UK's inflation data, highlights the optimism for an end to the interest rate cycle, as evidenced by the ease in bond yields.
This is likely to draw FII flows into emerging markets, which is good for India considering the current better earnings season and the festive demand pick-up. The drop in the CPI for India also improved the mood. The rebound was broad based with IT, realty, oil & gas, metal, and auto leading the way, he said.
