A morning walk down Dalal Street | Strong close above record high of 11,761 necessary for Nifty to move higher

Nifty struggled to keep afloat above 11600, this one was dominated by bulls. The index closed higher for the third straight sessions in a row to close just a shade below 11700 levels.

The final tally on D-Street – the S&P BSE Sensex closed 138 points higher at 38,905 while the Nifty50 added 46 points to close at 11,690. 

Bulls pushed the index above 11,700 levels in intraday trade but witnessed selling pressure at higher levels. Investors await fresh triggers and till then market is likely to remain in a range. But, there are plenty of opportunities among select stocks.

The big macro number which came out on Monday was the WPI inflation data. 

Wholesale price-based inflation rose for the second consecutive month to 3.18 percent in March on costlier food and fuel, government data released Monday showed.

Experts feel that even though WPI inflation inched to 3.18% in March due to rise in food prices, but at the same time IMD’s forecast of near normal monsoon may ease the concern over inflation.