Nifty, after a choppy trade initially, gained strength in the
last couple of hours of trade on March 19 and continued uptrend for the seventh
consecutive session to close above psychological 11,500 level for the first
time since September 14, 2018. A consistent rally brought the market to
overbought levels, hence the upside from hereon looks limited, experts said,
adding the correction or sideways trade could be possible in coming sessions.Nifty
after opening higher at 11,500 remained volatile and hit an intraday low of
11,451.25, but managed to gain strength in the last couple of hours of trade
and hit a day's high of 11,543.85. The index finally closed up 70.20 points at
11,532.40. Reliance Industries (RIL), ITC, Infosys and HDFC Bank
contributed the most to the index's gains while auto stocks and L&T emerged
as the top drags.
BUZZING STOCKS
Shares of IT firm Mindtree ended 2 per cent
lower at Rs 943 apiece on BSE after the engineering and construction
major Larsen & Toubro (L&T) last night announced the purchase of a
20.32 per cent stake in the company for Rs 3,269 crore.
Shares of Anil Dhirubhai Ambani Group (ADAG) companies jumped in
the trade with Reliance Communications (RCom) hitting upper circuit of 10 per
cent at Rs 4.40 on the BSE after the company cleared the entire dues to
Ericsson India to purge the contempt of a Supreme Court order.
This apart, blue-chips such as Reliance Industries (RIL) and Axis
Bank touched their record highs of Rs 1,378 and 763.20, respectively in the
intra-day trade.
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