A morning walk down Dalal Street | Unless weakness gets confirmed, refrain from creating short positions
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Indian equity indices extended rally on Tuesday despite subdued global cues ahead of the US Fed meet. Buying in the last few hours led to the index gaining 70 points to close above Monday’s intraday high of 11,532.
The final tally on D-Street – the S&P BSE Sensex rallied 268 points to 38,363 while the Nifty50 gained 70 points to close at 11,532.
Rallying for the seventh consecutive day in a row, benchmark indices hit a fresh 6-month high. The NiftyBank touched a fresh record closing high, led by gains in PNB, Bank of Baroda, Federal Bank, SBI and Axis Bank.
On the broader market front, the S&P BSE Mid-cap index rose 0.52 percent while the S&P BSE Small-cap index ended 0.37 percent higher.
On the technical charts, Nifty continues to trade above its 5-days exponential moving average (EMA) and nullified the negative implication of Long Legged Doji kind of pattern formed in Monday’s session which suggest that the momentum remains intact.