Niche sector like e-commerce was also in focus after Zomato reported an excellent set of numbers and turned PAT positive…reports Asian Lite News
Domestic equities saw some respite after witnessing selling pressure for three consecutive days on the back of India’s services activity rising sharply to 62.3, its highest in 13 years, fuelled by strong demand, Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services, said.
Nifty opened gap up and moved higher to close with handsome gains of 135 points (+0.7 per cent) at 19517 levels. Action was also seen in the broader market with the Nifty midcap 100 and Nifty smallcap 100 up +0.8 per cent each.
Except for Auto and PSU Bank, all sectors ended in green with IT, Pharma, Private Bank, and Consumer Durables being top gainers — up more than 1 per cent each, he said.
Niche sector like e-commerce was also in focus after Zomato reported an excellent set of numbers and turned PAT positive.
Global markets remained cautious after the US reported poor service PMI data and US jobless claim data, thus increasing rate hikes bets.
Investors now await the nonfarm payroll data and the unemployment rate which will be released late in the evening on Friday for further direction.
“Next week would be crucial from the domestic point of view as RBI is set to announce its interest rate decision. Thus, markets are likely to move in a broader range with some volatility. Interest-sensitive sectors are expected to remain in focus,” he said.
Vinod Nair, Head of Research at Geojit Financial Services said positive earnings reports provided a much-needed boost to the domestic market, aiding its recovery from the impact of weak global cues.
The pharma sector sustained its positive momentum, with the trend being extended by the IT and banking stocks.
However, increasing US bond yields continued to distract the global market, impeding the inflow of foreign funds into the domestic market, he added.