Sensex extends gains, Nifty above 10,050; Bharti Airtel, Idea up 4%
Equity benchmarks rallied further in morning as the Sensex was up 170.25 points at 32,094.66 and the Nifty gained 48.35 points at 10,065.30.
The market breadth remained strong as about 1,406 shares advanced against 622 declining shares on the BSE.
It's been three months since the Nifty first scaled the 10,000 mark, and JM Financial’s Gautam Shah believes market action since has been very confusing.
This kind of a move, amid a positive environment, is discouraging as the Nifty has not made higher highs due to selling pressure. His sense is that the current recovery is a relief rally and a temporary one, and it could end once the Nifty hovers around 10,100 level.
“The short term setup and chart patterns are not encouraging. I would be cautious and negative right now on the market,” Shah, Associate Director and Technical Analyst at JM Financial told CNBC-TV18 in an interview.
“But there is clarity on one aspect that this is clearly a battle between liquidity and valuations. At 9700-9800, liquidity support is seen, while around 10,100-odd levels, overseas investors come into play and restrict the upmove,”
With just a week left for the Diwali, benchmark indices are slowly moving towards their record highs. The S&P BSE Sensex rose over 150 points but there was plenty of action in individual stocks. Tracking the momentum, as many as 135 stocks hit a fresh 52-weeks high on the BSE.
Stocks which surged to a fresh 52-week high on the BSE include names like 63 Moons, Andhra Petrochemicals, APL Apollo Tubes, Bharat Financial, Bata India, TVS Motors Company, Bharat Forge, Havells India, Coromandel International etc. among others.
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