Nifty closes above 5700
07 Jul 2011
Finally equity benchmarks broke out on the upside on Thursday after a consolidation phase since the beginning of this week. Bulls thrashed bears and took complete charge of Dalal Street, backed by heavyweights Reliance Industries, Bharti Airtel, ITC, NTPC and L&T.
Benchmarks closed at two-month high today by crossing key psychological levels - it seemed that the rally was completely led by foreign institutional investors, which have been the net buyers in Indian equities since June 23. Foreign investment will have crossed Rs 10,000 crore when we get the final provisional figure today.
The 50-share NSE Nifty shot up 104 points, to close at 5,729 and the 30-share BSE Sensex surged 351 points, to settle at 19,078.
Hemen Kapadia of chartpundit.com feels that the rally could last for one more day.
"Technically we could go to maybe 5810-5820. I think this is going to be the last hurrah for the time being. This last hurrah could last for a couple of trading sessions. If I were to take a position I would probably ride the 5600 put as of now just for a day or two because I don't think they are going to 5600 at least in a day or two," he said.
Sensex touches 19K; all sectoral indices in green