Markets managed to end marginally higher, in continuation of Tuesday’s surge. After the flat start, the Nifty gradually inched higher as the day progressed however a mixed trend across sectors capped the momentum. It almost retested the recent swing high and finally closed at 18,755.90 levels. Amid all, metal and energy packs posted strong gains while banking and IT remained subdued.
The recent recovery in the Nifty index lacks decisiveness due to underperformance from the banking index and we expect this divergence to end soon. Meanwhile, buying in heavyweights like Reliance has played a critical role in keeping the tone positive. Amid all, we reiterate our view to stay selective and prefer sectors/stocks that are attracting consistent buying interest.
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