A morning walk down Dalal Street: Will bulls be able to maintain momentum?

Well, there were no Monday blues for sure but the way market witnessed selling pressure at higher levels suggest that we might not be out of the woods.

The domestic market gained on back of positive global cues led by dovish comments from the Fed and strong US jobs data. Initially, the gap-up opening pushed the index above 10800 in morning trade but towards the close, we saw profit taking at higher levels.

The final tally on D-Street – Sensex rose 155 points to close at 35,850. The index did reclaim Mount 36K but failed to hold on to that level. The Nifty50 index ended 44 points higher at 10,771.

Sectorally, consumer durables, telecom and realty sectors rose over 1% each while selling was seen in healthcare, metal, and capital goods index.

Sensex gainers: Tata Motors, Acix Bank, Bharti Infratel up 2-3%

Sensex losers: Dr. Reddy’s, Bajaj Auto, Indiabulls Housing Finance fell 1-4% respectively

The rupee closed 4 paise higher at 69.68 level compared to the previous close of 69.72. The rupee clocked a 9.23 percent fall during 2018.

On the institutional front, FPIs were net buyers in India market of Rs 736 crore while DIIs were net sellers in Indian markets to the tune of Rs 141 crore, according to provisional data.

Experts feel that the roller coaster ride would continue for some time and the beginning of earnings season would further accentuate the erratic swings.