Indian markets extend gains, settle at a fresh record closing high - HDFC Securities

Mr. Devarsh Vakil - Head Retail Research, HDFC Securities

Investors remain positive about the long-term prospects of the domestic market due to healthy macroeconomic indicators while global cues are also improving as concerns over a recession in the US eases.

The U.S. economy showed much stronger-than-expected growth in the first quarter than previously thought, according to a big upward revision Thursday from the Commerce Department. Gross domestic product increased at a 2% annualized pace for the January-through-March period, up from the previous estimate of 1.3% and ahead of the 1.4% Dow Jones consensus forecast.

The U.S. dollar touched a more than seven-month high against the Japanese yen after their respective central banks reaffirmed divergent policy plans.

Nifty rose for the fourth straight session to end the day with the gains of 217 points to close at new all-time high of 19189. For the week, Nifty was up by 2.8%. BankNifty closed at 44787 also a fresh all-time high.

Nifty Midcap 100 and Nifty Smallcap 100 Index underperformed the Nifty marginally where they gained 0.66% and 0.42% respectively as against Nifty's rise of 1.14%. Advance decline ratio stood at 1.27 levels on BSE. Cash market volumes were higher as compared to last ten-day average. All the Sectoral Indices closed in the green except Nifty Metal. Amongst the sectoral Indices, Nifty IT, Auto and PSU Banks gained the most.

Previous resistance of 18887 is expected to interchange its role as a support for the Nifty going forward.

Source : Equity Bulls

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HDFCSecurities MarketPerformance Nifty Sensex