Taking Stock: RBI commentary helps bulls push Sensex higher; Nifty reclaims 11,200

The bulls managed to retain control on a volatile day of trading to push the benchmark indices above crucial resistance levels on August 6, with the S&P BSE Sensex reclaiming the 38,000-mark and the Nifty50 climbing to 11,200.The Sensex ended the day 362 points higher at 38,025 while the Nifty50 rose 98 points to close at 11,200.Strong global cues and the Reserve Bank of India (RBI) commentary measures to support stressed sector helped the sentiment. Though the central banks kept the rates unchanged, experts say a 25-50 bps cut is still possible by March 2021.Close “Markets managed to gain nearly a percent amid volatility, thanks to supportive global markets and favorable local cues. The bias was upbeat from the beginning and the benchmark extended gains as the day progressed, taking cues from the RBI’s announcements to aid the stressed sectors and further boost the financial system,” Ajit Mishra, VP – Research, Religare Broking Ltd told Moneycontrol. related news D-Street Talk podcast | Investors feeling edgy at higher levels, but equity is here to stay: Sonam Udasi Technical View: Nifty forms Doji pattern, 11,256 crucial for further upside Though some profit-taking was witnessed in the middle, buying interest in the last… Read full this story

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