Ajit Mishra, VP - Research, Religare Broking:
Markets gained over half a percent amid volatility and settled closer to the day’s high. The beginning was subdued however healthy buying in sectors such as FMCG, financials and banking helped the index to inch gradually higher as the day progressed. Consequently, the Nifty closed at 15,835.35 levels; up by 0.5%. The broader indices also traded in tandem with the benchmark and ended higher.
Indications are in favor of a further rebound in the index, thanks to fresh buoyancy in the banking and financial pack. However, supportive global cues would continue to play a critical role in any sustained up move. We reiterate our cautious stance and suggest continuing with sector-specific trading approach.