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11-day gains spree of Sensex longest streak since Oct 2007
Sensex rose for the 11th straight day, its longest streak of gains since October 2007, said Deepak Jasani, Head of Retail Research at HDFC Securities.
Mumbai: Sensex rose for the 11th straight day, its longest streak of gains since October 2007, said Deepak Jasani, Head of Retail Research at HDFC Securities.
While Sensex climbed 320 points to close at 67,838, Nifty also scaled fresh life highs on Friday, rising for the third consecutive session to close at 20,192, up 89.3 points.
Volumes on the NSE continued to be on the lower side. The broad market indices rose less than the Nifty even as the advance decline ratio fell but remained above par at 1.26:1.
Global equities rose on Friday after better-than-expected Chinese economic data added to expectations that tightening campaigns by the world’s biggest central banks were close to over. The Arm IPO optimism and China’s further stimulus measures boosted market sentiments, Jasani said.
Nifty continued its gradual move up on Friday with 93 points intra-day high low range. Post the making of fresh life highs, Nifty’s upward momentum has been calibrated. On weekly charts, Nifty gained 1.88 per cent, almost matching the previous week’s rise. Nifty could now stay in the 19,979-20,340 band for the near term, Jasani said.
Vinod Nair, Head of Research at Geojit Financial Services, said the market is inching towards a new direction with renewed buying in auto and IT stocks in expectation of strong festive demand and a strong deal wins.
Better-than-expected economic data from China and stimulus hopes further added optimism in global markets.
The European Centra Bank (ECB) hinted at a potential pause in rates due to receding inflation, while investors are now focused on central bank meetings next week, with the US Fed, Bank of England and Bank of Japan set to announce their rate decisions, Nair said.
