A morning walk down Dalal Street | Nifty could reclaim 11,700 if it closes above 11,600
Episode 1429, Jul 12, 2019, 01:30 AM
Bulls managed to take control of D-Street and pushed the index back above 11550 levels and closed just a shade below 11600 on Thursday.
It has been a roller coaster ride for traders throughout this week as Nifty gyrated in a range of 11460-11600 levels
Rate cut hopes in the US seems to have brought back animal spirit which was lacking after the Budget 2019.
Additionally, slide in 10-yr yield and strength in rupee despite a surge in oil prices may ease investor’s concern over liquidity, suggest experts.
After muted TCS Q1 numbers all eyes will be on Infosys which will declare its numbers later today.
On the macro front, investors will also keep a close eye on inflation data for the month of June, which is scheduled on July 12 as well.
The rupee darted up 14 paise to finish at 68.44 against the US dollar on Thursday after dovish comments by US Federal Reserve chair Jerome Powell boosted emerging market currencies, said a PTI report.
On the institutional front, FPIs were net sellers in Indian markets for Rs 316 crore while the DIIs were net buyers to the tune of Rs 719 cr, provisional data showed.