Nifty up 865 points in last 8 trading sessions scaling new highs

New Delhi, July 6 With another good day at the equity markets, as new highs were recorded on frontline indices, Nifty has moved up sharply by 865 points (4.6 per cent gains) in the last eight trading sessions, scaling new highs on the back of healthy progress in monsoon, strong FIIs inflow, and decent pre-quarterly updates, said Siddhartha Khemka, Head-Retail Research, Motilal Oswal Financial Services.

India equities continued their dream run, with key indices consistently touching new highs. Nifty surpassed the 19,500 zone intraday before closing with gains of 99 points (+0.5 pert cent) at 19,497 levels.

On the sectoral front, realty, oil & gas, auto and healthcare were the top gainers, while IT, financials and FMCG witnessed profit booking.

“We expect the market uptrend to continue with stock-specific action. Global cues were weak due to the release of hawkish minutes of the Federal Reserve’s June meeting," Khemka said.

Vinod Nair, Head of Research at Geojit Financial Services, said that foreign investors continue to provide unwavering support to the domestic market, helping to sustain the ongoing rally despite weak global cues. India’s underperformance during the year is expected to reverse moving ahead.

The mid and small-cap segments have outperformed the benchmark index, with realty, oil & gas, power and consumption stocks leading the sectoral rally as provisional and economic data suggest good Q1FY24 results.

However, global markets are displaying a negative trend, influenced by hawkish FOMC minutes and US-China tensions, Nair said.