A morning walk down Dalal Street | Nifty must hold above 11,600 for rally to extend towards 11750

Episode 1447,   Jul 17, 2019, 01:30 AM

Bulls remained in control of D-Street for the second day in a row on Tuesday and pushed the S&P BSE Sensex above 39000 for the first time since July 5 and Nifty50 closed above 11600 levels.

Sharp fall in the domestic 10-year yield to 6.34 percent, improvement in monsoon, as well as earnings, helped the sentiment while a rise in crude oil prices and ongoing geopolitical concerns between the US and Iran capped the upside.

Amongst the sectoral indices, except IT which ended with minor losses, all the other indices ended with gains wherein oil & gas, realty, and capital goods were top gainers.

Nomura India has set a target of 12,900 for Nifty by March 2020, driven by pick up in the investment cycle and lower bond yields.

The rupee on July 16 depreciated by 17 paise to close at 68.71 against the US dollar due to rising crude oil prices and foreign fund outflows.