INDIAN EQUITY MARKET OUTLOOK- 06 SEP 2018
Closing Bell: Rupee recovery, rally in index heavyweights help Nifty reclaim 11,500; Sensex up over 200 points.
Sentiment on the market moved in tandem with the rupee’s movement on Thursday. A recovery in the Indian rupee, after it fell to a record low of 72.10/USD, helped the market end the day in green as well. The Nifty reclaimed 11,500-mark and ended above the threshold.
Along with the currency, rally in index heavyweights such as Reliance Industries and HDFC twins helped indices see a strong surge as well. Among sectors, banks lost some sheen in the last half hour, but strength in pharmaceuticals, energy, and infrastructure names helped the bulls to hold their grip on the market.
Having said that, investors will make a note of rupee’s movements ahead, with the currency hitting 72 per dollar again at the time of market coming to close.
At the close of market hours, the Sensex ended higher by 224.50 points or 0.59% at 38242.81, while the Nifty closed higher by 59.90 points or 0.52% at 11536.90. The market breadth is positive as 1,582 shares advanced, against a decline of 1,105 shares, while 191 shares were unchanged.
Reliance Industries, Sun Pharmaceuticals, and Cipla were the top gainers, while Maruti Suzuki, Yes Bank, Zee Entertainment and Hindalco lost the most.
HEADLINES OF THE DAY
Pharma stocks lift markets, media stocks drag.
Rupee hits fresh low; breaches 72 level against the dollar.
The crucial resistance for Nifty spot is now seen at 11550 and above this 11700 Support for the immediate term is now placed at 11350 next support will be 11180.
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