The benchmark indices experienced a notable pullback rally, witnessing positive momentum in the market. According to Shrikant Chouhan, Head of Equity Research at Kotak Securities, the Nifty concluded 74 points higher, while the Sensex surged by 272 points. During this rally, the Media index stood out, posting a remarkable gain of over 3%. However, intra-day profit booking was observed in specific PSU Banks and FMCG stocks.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, highlighted the Nifty's smart recovery in the last hour, closing with a gain of 74 points at 21,619 levels. The sectoral performance presented a mixed picture, with notable buying activity in media, IT, metals, and consumer durable stocks.
Khemka pointed out the focus on niche sectors like Railway stocks due to increased government spending on railway infrastructure. Despite global concerns about the impending release of US inflation data on Thursday, causing uncertainty among global investors, the Indian market exhibited resilience and strength.
The expectation is for the market to consolidate within a broader range with a positive bias, driven by the anticipation of healthy overall Q3 earnings. The technology sector is anticipated to remain in the spotlight, as major IT players like TCS and Infosys are set to announce their Q3 results on Thursday. The management's commentary and guidance from these industry leaders are expected to influence sentiments and potentially set the tone for other technology companies.
(With Agency Inputs)
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