Market gains after demonetisation, nears 8,300 mark

Indian capital markets traded a firm positive trend today, and closed the levels near of November 11 i.e. 8,296. The markets took almost two months to recover from the effect of demonetisation drive. Markets stayed firmly bullish throughout the trading session and inched towards 8,300.

On the closing note, Auto index increased by more than 264 points while Bankex, Capital Goods, Consumer Durables, Metals rose by 114 points, 143 points, 119 points and 138 points respectively.  Meanwhile, FMCG and Healthcare increased by 60 points each. Mid-caps went up by 98 points and Small-caps were up by more than 87 points.

The advance-decline ratio stood positive in the closing session. On the NSE, 35 shares closed in green, while 15 shares ended the day in red and one share remained unchanged.

As a result, BSE Sensex and Nifty indices closed upside by 0.65 per cent and 0.67 per cent respectively. At closing bell, the Nifty ended by 55 points upside at 8,291 and the BSE Sensex increased by 173 points to close at 26,899. All sectorial indices closed in green.

The Asian markets also showed mixed trend on closure  as Shanghai and Nikkei reduced by about 0.30 per cent and 0.79 per cent respectively while Hang Seng rose by 0.83 per cent. Meanwhile, KOSPI declined by 0.18 per cent whereas Taiwan rose by 0.08 per cent.

European markets were trading in positive trend.

Derivative Analysis

Nifty future closed on positive note nearing 8,300 mark. Going ahead to 8,334/8,279 will be the immediate support levels.