Sensex and Nifty saw a volatile trading session but managed to continue gaining for the eighth day straight today. S&P BSE Sensex ended 84 points or 0.21% higher while the Nifty 50 closed at 11,930 mark. Although the benchmark indices gained today, Sensex ended over 300 points lower while the 50-stock Nifty closed 90 points lower. ITC and Infosys were the top Sensex gainers, jumping over 2% each during the day’s trade. Bharti Airtel, ONGC, and HDFC Bank were the top drags. The midcap and small cap indices continued to underperform the benchmark index and slipped into the red.
FM’s mini stimulus fails to impress D-Street: Finance Minister Nirmala Sitharaman today announced measures to boost consumer demand ahead of the festive season but was targeted towards government employees. As the Finance Minister unveiled her plans for the same market slipped into the red but later recovered. “Cash voucher and advance scheme, sops to government employees, failed to cheer the market as it did not provide the required boost to the economy as expected. It is anticipated that there will be more measures revealed in the future,” said Vinod Nair, Head of Research at Geojit Financial Services.
Eighth day of gains: With today’s marginal jump, stock markets have now continued their upward march for the eight day straight. Technical analysts believe that equity markets are still in a bullish phase. Nifty has gained over 6% during this up move.
