Bulls roar on Dalal Street. Will it continue?
On a day when WPI for April crossed 15 per cent, the over 2.5 per cent rise in benchmark indices coupled with the breadth of the rally surprised many on the street.
admin
On Tuesday, the Indian equity indices logged their best single-day gains in three months, propelled by heavy buying in metal, energy and banking stocks amid a global rally in stocks.
The 30-share BSE benchmark zoomed 1,344.63 points or 2.54 per cent to settle at 54,318.47 points with all of its constituents closing with gains. During the day, it jumped 1,425.58 points or 2.69% to 54,399.42.
The broader NSE Nifty rallied 417 points or 2.63 per cent to finish at 16,259.30 points. All the 50 stocks advanced led by steel and energy stocks. Will this upside momentum continue? Well, here's what experts say!
"A ferocious up-move from the metal index lifted Reliance together with other sectoral indices leaving bears gasping and covering short positions and looking out for reasons for the rally," S Ranganathan, Head of Research at LKP securities said.
On a day when WPI for April crossed 15 per cent, the over 2.5 per cent rise in benchmark indices coupled with the breadth of the rally surprised many on the street despite the movement coming after a relentless fall, Ranganathan added.
