Mumbai: Indian equity benchmarks gained momentum in last hour of trade after a consolidation that started on Wednesday. The market already rallied more than 5 per cent in previous two weeks led by liquidity; foreign institutional investors had bought more than Rs 6,500 crore worth of shares in two weeks.
The market is waiting for a trigger to drive the rally further; that trigger may be some reforms by the government to revive sluggish economy growth or stimulus from Eurozone or US central banks. Tuesday's inflation will also be closely watched by the market as the Reserve Bank of India's main target is to bring inflation down below comfort level of 7 per cent. Analysts on an average expect it in the vicinity of 7.24 per cent for July as against 7.25 per cent in previous month while core inflation around 5-5.4 per cent versus 4.9 per cent in June.
The 30-share BSE Sensex rose 75.71 points to close at 17,633.45, supported by SBI, Reliance Industries, L&T and HDFC group's stocks. Meanwhile, the 50-share NSE Nifty went up 27.50 points to 5,347.90.
Comments
0 comment