Market picks up in last hour; Nifty heading towards 5400

The Nifty is approaching 5350, something that did not look very likely earlier in the morning. However, moving forward on infrastructure, banking and auto stocks, there was a fairly decisive move.

European markets have perked up a very lackluster opening and that might have given the impetus the Nifty needed to get back to winning ways. And in the last one hour of trade, the index has put on nearly 50-60 points.

Also watch the accompanying video.

Global cues were mainly responsible for the market movement in the last half hour of trade, said Mukherjee. The market had gone into a range for about 6 days on the trot. Last week and even yesterday was not special, the market lost about 40 points. Everybody was getting into a rangebound kind of a groove and the markets often tend to surprise.

They have surprised today, in the second half of the session, partly because of Europe but, mainly because it had got wound up into a very tight range over the last few sessions. Therefore, there is a bit of a release. So 5350 is here and the market seems to be heading towards the target of 5400. People have been talking about it and now you will have to sit and take stock of the rallies.