Tuesday, 16 May 2017

16th May 2017- CLOSING BELL >> Bulls lift market to new closing high: Nifty above 9500, Sensex gains 260 pts

Bulls remained in charge at Dalal Street as equity benchmarks ended at fresh closing high on Tuesday, driven by the hope of normal monsoon. Stable earnings and PSU banks recapitalisation buzz also boosted market sentiment.

The 50-share NSE Nifty closed above psychological 9,500-mark for the first time, up 66.85 points at 9,512.25 while the 30-share BSE Sensex gained 260.48 points at 30,582.60, backed by FMCG, PSU banks, auto, and technology stocks.

The market continued its run up despite expensive valuations, which indicated that it may be pricing in likely strong earnings in FY18 as well as FY19 and normal monsoon, experts said. According to them, the 9000 level is expected to be major Nifty support.

No comments:

Post a Comment