NIFTY opened on a positive note and touched its day high at 8460 pts and managed to close above 8400 level at 8417 points with 1484 advances and 1253 declines. Charts depict shooting star pattern showcasing trend reversal with bulls making a comeback after a mammoth selling pressure.Most of the sectors were along with the market except energy and few other sectors.
The cabinet has made an approval by selling 25% of its stake through IPO OR OFFER FOR SALE METHOD attracting private investors to invest in general insurance companies.IT stocks to remain under pressure due to introduction of Immigration bill which proposes to increase wages. The major gainers today were BHEL, TATA MOTORS while BHARTI AIRTEL, IDEA were among major losers.
The upcoming budget is seen as major trigger for market movement with an eye on domestic flows, corporate taxation and long term capital gains as key drivers. Even though the market saw a breakout it finally ended below the range. Henceforth Trumps inaugural as president, upcoming budget, Brexit impact are the major issues to be looked after in market. Since FII have turned their positions as long more buying is expected to push the market higher.
