Driven by the rally in Reliance Industries, benchmark Indian equity indices saw an uptick in today's trading session as well.
Nifty inched closer to the 9000 mark but was dragged down by HDFC and HDFC Bank.
Nifty closed at 8926, high 19 points and Sensex finished the day up 103 points day at 28864.
Speaking to CNBC-TV18, Sanjiv Bhasin of IIFL said that the movement in Reliance Industries shows the under ownership of a lot of stocks. First the energy sector was underperforming then there was a huge run in oil manufacturing companies (OMCs) and now it was the turn of Reliance.
In the same interview, market expert SP Tulsian listed his views on the cement sector and said: " We have renewed the buying call on the south based cement stocks and mainly the smaller ones, those who have the capacity of half million tonne to 2.5 million tonne or maybe three million tonne because if you see, in the southern pockets, the cement prices have risen by Rs 15-20 per bag in this recent maybe last couple of weeks. And the off-take is seen to be quite good. So, the companies having presence there will be enjoying the operating leverages, plus the better utilisation."
Giving his outlook on tomorrow's trade, Prakash Gaba of prakashgaba.com said, "The bar that is generated now is an indecisive bar, very close to a double top and tomorrow is a F&O expiry week. I think upside 9000 is still a psychological resistance, difficult crossing that tomorrow."Disclosure: Reliance Industries, which owns Reliance Jio, also owns Network18, which publishes Moneycontrol.com.Watch video for more.
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