Good Evening everyone, Yesterday Nifty fell close to 200 points intraday and today it rose up by almost 250 points! where is all this power coming from? No doubt, it is the DIIs and FIIs who went on a big shopping spree when they saw Nifty at tempting levels today.
The Nifty opened with a gap-up and then went into a selling mode till 11.30 am and then there was a sudden big rise in the market which broke the day's high and then closed higher at 17562.
The FIIs bought for Rs. 1041 Crores while the DIIs also bought for Rs. 2167 crores.
On a daily chart, the Nifty shows a bullish hammer, which is a sign of more steam left in the Bulls for the coming days. But I will closely watch till the Fed news coming in clear tomorrow evening.
The realty & Metal sector that saw panic selling yesterday recovered in a big way to be the top leading sectors for the day, while Auto & PSU banks continue to be weak.
With no doubt, our holding JSW steel is the top gainer of the day followed by our favourite IndusInd bank, Tata steel, ITC & UPL.
The auto sector was among the top losers, led by Maruti, Hero motor corp & Bajaj.
Let us see how the US market performs today and what cues we can take for tomorrow from it.