A morning walk down Dalal Street | Nifty must breach 11,800 for bullish sentiment to continue

The S&P BSE Sensex closed 0.19 percent lower while the Nifty50 closed flat with a positive bias for the week ended April 26.

Bulls bounced back on D-Street in the final hours of trade which pushed the S&P BSE Sensex above 39,000 while Nifty50 managed to reclaim 11,700-11,750 levels on a closing basis on April 26, which is a positive sign 

Recovery in the rupee, fall in crude oil prices (below $72/bbl), strong rollovers for May series, and stable earnings so far are some of the factors that pushed market higher.

In terms of sectors, metals, banks, oil & gas, and energy stocks rose 1-2% each while profit taking was seen in the auto, consumer durable, and telecom stocks. 

The March quarter earnings were largely in-line with estimates barring few which have not disappointed the Street. There is value in select names which held for a period of 1-2 years holds the potential to create wealth for investors, suggest experts.