Dalal Street continued its optimistic rally supported by the central bank’s dovish monetary policy though it witnessed consolidation in the second half of the session due to selling pressure in banking stocks. Traders will keep an eye out on developments on the Covid-19 front to assess the near-term trend.
The 30-share pack Sensex added 84.45 points or 0.17 per cent to close at 49,746.21. The index traded in a range of 536.47points during the day. Its broader peer NSE Nifty rose 54.75 points or 0.37 per cent to settle at 14,873.80.
“Metal stocks led the sectorial rally on a strong outlook supported by rising steel prices and production. The Q4 earnings season has started and the market is expected to have a stock-centric rally in the coming days,” said Vinod Nair, Head of Research at Geojit Financial Services.
Markets at glance
- Steelmakers surge on price hike; JSW Steel rallies 10%
- Titan surges 4% after Q4 business update; analysts project 100% jump
- Cement makers also see buying as Street expects price hikes
- Bank stocks see profit booking after initial gains
- Smallcap stocks in heavy demand, Nifty Smallcap climbs 1.2%
