Early on D-Street | Nifty likely to consolidate between 11,850-12,000

Nifty50 had a touch and go moment with 12,000 levels for the first time since June while the S&P BSE Sensex rallied to a fresh record high of 40,606.91 in intraday trade on Wednesday.

Let’s look at the final tally on D-Street – the S&P BSE Sensex rose 221 points to a record closing high of 40,469 while the Nifty50 ended 48 points higher at record closing high of 11,966. It hit an intraday high of 12,002 and an intraday low of 11,850.

Positive commentary from the Finance Minister, a bounce-back in banking space, as well as some stable results from India Inc., helped the sentiment. Experts feel that the upside is intact and investors should use dips to accumulate stocks or create long positions.

The action was seen in the S&P BSE Realty index, followed by Bankex, and Metal index while profit-taking was seen in the Consumer Durables, Telecom, and Energy stocks.

On the institutional front, FPIs were net buyers in Indian markets for Rs 1011 cr while the DIIs were net sellers to the tune of Rs 1117 cr, provisional data showed.