Nifty Tips
The Nifty took a breather today after surging close to two percent yesterday. The rally which started on Monday post 40-month low inflation data came to halt today on profit booking. Gold, crude prices also stabilized after hitting multi-month lows yesterday.
The Sensex closed at 18731.16 down 14 points and the Nifty ended below 5700 at 5688. The Nifty closed above its 200 day moving average of 5656.
Analysts are of the view that the fall in gold, crude prices will take care of the current account deficit but the problems pertaining to country’s growth are still unaddressed. India Inc is still reeling under slowdown and a mere fall in commodities or a 25 basis points rate cut will not bring them out of the woods.
Among the sectoral indices, FMCG was the top gainer, up by 1.41%, with ITC touching its all-time high at Rs 314. Auto, healthcare, metal and realty stocks also gained more than a percent each.
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