Market sees 7th consecutive day gain, Nifty ends up 51 pts

It was a spectacular upmove for the Indian equity benchmarks especially for the seventh consecutive session on Wednesday.  Ahead of settlement day tomorrow, the market rode high on huge volumes. The Nifty has touched the 5800 mark in an intra-day trade for the first time since January 25 but closed tad below that level.

5,900-5,950 could be an upside potential for the Nifty, says Deven Choksey, the MD of KR Choksey Shares and Securities. "The earlier expectation for the last one month that there is a possibility of 5,600-5,900 band being achieved and that was expected somewhere in April but we have achieved it before that. We are somewhere closer to that 5,900-5,950 which could be an upside potential for the Nifty."

It seems like one-sided game as bulls have completely been in favour of markets led by inflow of funds from foreign investors. FIIs have bought nearly a billion dollar worth of shares in these seven days of rally.

''We expect high FII inflows in the Indian market in H2CY11. Currently, we are seeing high inflows from index-based emerging market funds,'' Nirmal Jain, chairman of India Infoline (IIFL) said while adding that at present, investors are eagerly waiting for January-April earnings.

He, however, said that high oil rates will remain to be a concern for the oil price-sensitive domestic market but not for a long period. "The oil prices will stabilise and moderate in the second half," he adds. London Brent crude stabilised around USD 114-115 a barrel.

The 30-share BSE Sensex added more than 200 points, to close at 19,327, supported by 26 stocks out of 30. Financial, auto, cement, realty, healthcare and select technology companies' shares led the markets higher. Heavyweights Reliance Industries and L&T too aided the support.