On Thursday, as the March series F&O contracts expired, benchmark Nifty continued its upward momentum after crossing the strong resistance level at 11,500.
The Nifty50 index ended the best futures and options series since November last year with a gain of over 6 per cent. Nifty Bank gained over 12 per cent to end the best series for financial year 2019. Similarly, the midcap index was up more than 7 per cent and the smallcap gauge over 11 per cent.
The sectoral breadth was positive with only three indices – Auto, IT and Media, posting losses. On the other hand, three sectoral indices – PSU Bank, Realty & Energy – gained over 10 per cent each. The absence of volatility was cheered by the bulls, with India VIX declining 7 per cent.
On Thursday, as the March series F&O contracts expired, benchmark Nifty continued its upward momentum after crossing the strong resistance level at 11,500. The broader market moved in tow. Majority of the sectoral indices ended in the green, with Nifty PSU Banks stealing the show with a 3.6 per cent rise.
"Dalal Street seems to be readying for an expected return of the Modi government. The year 2018 saw a dismal listing of IPOs as the overall economy was struggling to stay afloat mainly due to liquidity crises. However, this year looks promising for companies to hit the primary market, with Rail Vikas Nigam issue opening on Friday, Metropolis Healthcare next week and Polycab soon thereafter," said Umesh Mehta, Head of Research, Samco Securities.
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