Daily Markets - Devarsh Vakil, Deputy Head of Retail Research, HDFC securities

The unblocking of the Suez Canal and expected unveiling of an infrastructure plan from US President Biden buoyed sentiments on the street.

Our markets reacted very favorably to the positive global cues and surged. The Nifty gained 338 points or 2.33% to close at 14,845. The breadth of the markets was evenly balanced and broader indices like Midcap and small-cap index underperformed the Nifty.

BSE IT, Metal, Healthcare and FMCG indices took the lead. Major Asian and European markets had a positive session - while select few like Taiwan's weighted index and Germany's Dax index surged to fresh all-time highs. The Dow Jones Futures are also trading higher at fresh all-time highs, indicating a positive start in US markets today.

Technically, with the Nifty surging higher and closing above the crucial 20-day SMA, the bulls seem to have an upper hand in the short term.

Source : Equity Bulls

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