INSUBCONTINENT EXCLUSIVE:
The breakout has also prompted several short-coverings and triggered buying in banking stocksShares hit record highs on Wednesday, led by
financial and metals sectors, as the blue-chip Nifty 50 index's break above the key psychological 16,000-level brought fresh impetus into
We have broken a month-long excruciatingly tight range of 400 points," said Anand James, chief market strategist at Geojit Financial
Services.The breakout has also prompted several short-coverings and triggered buying in banking stocks, which were major laggards in the
past few weeks, James said, adding that the rally seems to be driven mostly by the Nifty 50 components.The Nifty Bank index, which shed more
The Nifty Financial Services Index rose two per cent, while the metals sub-index gained 1.5 per cent
HDFC Ltd was the top gainer on the Nifty 50 index, rising 4.1 per cent.Analysts also said strong quarterly results were aiding
two-fold rise in June quarter profit.Meanwhile, India's central bank begins its three-day policy meeting on Wednesday, where it is
expected to leave interest rates at record lows for a seventh straight time on Friday
Markets are keeping an eye on liquidity measures about to be taken by the central bank.
