INSUBCONTINENT EXCLUSIVE:
MUMBAI: Global tailwinds assisted the sensex close above 60,000 when again after 2 weeks however some market experts stated the two-day old
rally could fizzle out after the Tuesday break due to the trading vacation on Holi.Market gamers feel that regardless of strong financial
information in the US amidst raving inflation, the Fed might not raise rates as strongly as was being expected previously
This has actually caused a global rally, consisting of in India
The strong gains in Adani Group stocks also increased sentiment, market gamers said.The sensex began on a strong note to cross 60,000 and
reached an intra-day high of 60,500
However, some profit taking during closing hours pulled it down and it closed Mondays session at 60,224, up 415 points.Buying by FIIs has
improved belief, says analystThe NSE Nifty got 117 points to close at 17,711 on Monday.According to Vinod Nair, head of research, Geojit
Financial Services, one of the significant concerns that dominated in the market in the last couple of weeks was the worry of aggressive US
Fed policy action, which caused a rise in treasury yields and US dollar
In addition, there were unpredictabilities surrounding Adani Group stocks
All of these have now moved in favour of the bulls, as US officials lowered the likelihood of a sharp rate walking, forcing yields and the
In addition, improved market sentiment due to the foreign bulk offer at Adani, the oversold phase of the domestic market, and FII buying
(have) assisted sharpen the recovery, Nair composed in a note.Among sensex stocks, Infosys, RIL and HDFC contributed the most to the days
rally while profit taking in L&T, Tata Steel and ICICI Bank limited the gains partially
Of the 30 sensex constituents, 24 closed greater while six closed in the red
Chartists stated the Niftys inability to close above the 17,800-mark signified weak point for the market.
