Indian equity benchmark NSE Nifty 50 rose for the fifth consecutive trading session, its longest stretch of gains in nearly six months.
Besides, the S&P BSE Sensex extended gains for the third consecutive trading session.
The benchmark indices closed marginally higher as gains in Reliance Industries Ltd. and Maruti India Ltd. were offset by losses in Infosys Ltd. and Tata Consultancy Services Ltd.
The 31-stock index closed 0.34 percent higher at 37,270.82 and the NSE Nifty 50 ended 0.3 percent higher at 11,035.70. The broader markets represented by the NSE Nifty 500 Index closed 0.48 percent higher.
“It is too early to conclude that the markets are turning in favour of investors,” Valentis Advisors’ Fund Manager Daljeet Singh Kohli said as Indian equity benchmark extended gains.
“The recovery in market is good. However, it is difficult to say that the movement has turned the tide at present. There are a lot of structural and fundamental changes required as markets are ultimately ‘the slave’ of earnings,” Kohli told BloombergQuint in an interaction.
Kohli foresees more earnings pain in September quarter than what was witnessed in the previous quarter.
The Nifty is expected to touch 11,100-11,180 soon, considering the Monday’s move in the broader markets, according to Angel Broking.
“The immediate supports for the index are placed around 10,950 and 10,880 in the downside,” the homegrown research firm said in a note today.
The 500-share index extended gains for the fourth consecutive trading session. It had ended 0.58 percent higher on Monday.
Traders are advised to trade with a positive bias and look to pick stocks from the mid-cap space which are likely to provide outperformance in the short term.
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The market breadth was tilted in favour of buyers. About 1,337 stocks advanced and 472 shares declined on National Stock Exchange.
Eight out of 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty Realty index’s 4 percent advance. On the flipside, the NSE Nifty IT Index was the top sectoral loser, down 1.4 percent.