Indian equities continued to remain buoyant for eight consecutive day. Nifty opened positive and gained strength throughout the session to close near day’s high with gains of 90 points at 17812 levels. Pharma index (+2.2) was the top gainer today followed by IT (+1%) and auto (+1%). FMCG, PSU Bank and Realty stocks witnessed profit booking and closed in red.
Strong business updates (export data) from Divis and Laurus led to rally in pharma sector. Expectation of healthy Q4FY23 earning season and FIIs being net buyers to the tune of Rs 2800 crore in month-till-date, helped domestic indices to gain strength.
Nifty has been up ~4% in last eight trading session and we expect this momentum to continue going forward. Investors keenly await crucial inflation data from the US and India, along with FOMC meeting minutes to get further cues. IT companies would react to TCS results that will be announced on Wednesday post market closing