Nifty saw a strong close all thanks to Reliance and telecom stocks as they powered ahead with Reliance and Bharti hitting fresh new all time highs. The other pocket of strength was the PSU banks with across the board gains in all banks. For today, expect some more consolidation as we near 12000 with select rotation of sectors on the cards. Mid caps will continue to be the outperformers as smart money chases delta.
US indices ended mixed as Dow Jones cracks 100 points while Nasdaq holds onto gains even as consumer data disappoints. Oil prices fall over 3% as oversupply fears sees liquidation.Bond yields fall as profit booking emerges over 1.82% with liquidity chasing fixed income rotation.
Asian indices opened weak after profit booking saw US stocks end in the red. The Asian markets have been showing extreme resilience with the Hong Kong crisis not escalating for the region as a whole. In fact the Hong Kong Government has been supporting the stock market with local institutions buying stocks as it protects its global image.
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