Posts
MTECHTIPS:-Technical Snapshot:
The Nifty futures showed a stupendous performance on Thursday with the benchmark equity indices vehemently rallying by close to two percent, registering the highest intraday gain seen since March 30. The key gauges showed a remarkable bounce back after drifting into the negative territory for a brief period in early trades and halted the two session declining streak, recovering all the losses they suffered in last two sessions.
Sentiments got buttressed in the session amid speculations that Reserve Bank of India took measures to rein the depreciating run of the beleaguered Indian currency, which recovered from the day’s lows it hit earlier in the session. Besides, the government’s decision to hike prices of petrol overnight by as high as Rs 7.50 per litre instilled some hopes among market participants that the government would now take certain bold steps to lift sentiments in the markets.Reports showed that government is now looking at bringing reforms back on track by cajoling key allies and addressing their concerns on foreign direct investment (FDI) in multi-brand retail and aviation soon. Stocks from the Oil & Gas pocket rallied fervently in the session with the upstream ONGC shooting up by about six percent amid expectations that government may soon hike diesel prices as well.Moreover, the broader markets relatively underperformed their larger peers as they finished with gains of around three fourth of a percent.
The Nifty futures showed a stupendous performance on Thursday with the benchmark equity indices vehemently rallying by close to two percent, registering the highest intraday gain seen since March 30. The key gauges showed a remarkable bounce back after drifting into the negative territory for a brief period in early trades and halted the two session declining streak, recovering all the losses they suffered in last two sessions.
Sentiments got buttressed in the session amid speculations that Reserve Bank of India took measures to rein the depreciating run of the beleaguered Indian currency, which recovered from the day’s lows it hit earlier in the session. Besides, the government’s decision to hike prices of petrol overnight by as high as Rs 7.50 per litre instilled some hopes among market participants that the government would now take certain bold steps to lift sentiments in the markets.Reports showed that government is now looking at bringing reforms back on track by cajoling key allies and addressing their concerns on foreign direct investment (FDI) in multi-brand retail and aviation soon. Stocks from the Oil & Gas pocket rallied fervently in the session with the upstream ONGC shooting up by about six percent amid expectations that government may soon hike diesel prices as well.Moreover, the broader markets relatively underperformed their larger peers as they finished with gains of around three fourth of a percent.
No comments:
Post a Comment