Indian markets closed higher today, fueled by a rally in Reliance Industries (RIL) that pushed the conglomerate’s share prices to record highs. Reliance, led by Mukesh Ambani, closed 7.1% higher and became the first publicly traded Indian company to exceed $ 200 billion in market capitalization after reports of potential investments from Middle East and Amazon funds .com Inc in its retail branch.
The top-line NSE Nifty 50 Index closed 1.52% higher at 11,449, while the Sensex was up around 650 points.
The Nifty Bank index closed 0.89% higher. The Supreme Court today adjourned the hearing of a case on the exemption of the interest rates of the loans in default.
“Confidence was the star of the day and accounted for a big chunk of Nifty’s earnings. The rally will have to be broader to sustain itself,” said Deepak Jasani, director of retail research at HDFC Securities.
Here’s what analysts had to say about the current market performance:
Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments
“We have held above the 11450 levels today, we need to see if we can break through this tomorrow as this is a crucial resistance level for the markets. If we cannot break through this tomorrow we could revisit the 11200 levels. If we do cross it, we could move higher as the bearish trades would stop and the bulls would take over. “
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Vinod Nair, Head of Research at Geojit Financial Services.
“Indian indices performed well again today supported by strong gains in RIL shares, which alone contributed to more than half of the observed gains in Nifty. Suitors who lined up for a possible stake sale in Confidence retailers boosted earnings today. Positive global signals also played a role in the broader positivity seen in markets. Investors appear to have kept latent border tensions on the back burner for now and in the absence of new factors triggers, they will seek direction in global markets and news specific to stocks. “
Nagaraj Shetti, Technical Research Analyst, HDFC Securities
“Today’s sustainable bullish move could be an encouragement for the bulls to resume their engagement. Unless the bullish 11500-11550 area is decisively crossed to the upside, selling pressure cannot be ruled out from the highs in the next few sessions. Immediately support is placed at 11360. “
Ajit Mishra, Vice President of Research, Religare Broking Ltd
“Aside from global signals, participants will now be watching closely the upcoming macroeconomic data, namely the IIP and CPI data for clues on the economic recovery. Furthermore, ongoing tensions between India and China would also be on investors’ radar see an additional bounce and Nifty could take a breather around the 11,520 levels. Traders should prefer stocks that are participating in the move rather than betting on underperforming counters in anticipation of a rally. ” . (With contributions from the agency)
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