Nifty only 100 points away from crossing another milestone of 22k

Siddhartha Khemka, Head, Retail Research, Motilal Oswal Financial Services said that rally in the IT sector and a 19 per cent surge in India’s net direct tax collection supported domestic equities to make new highs on Friday.

“Nifty made a fresh all-time high of 21928 levels during the session and closed with handsome gains of 247 points (+1.1%) at 21894 levels,” he said.

He said that a sharp 5 per cent up-move was seen in the IT sector after TCS and Infosys surprised the streets with their better-than-expected Q3 results.

“Nifty is now just 100 points away from crossing another milestone of 22k zone,” he said.

Deepak Jasani, Head of Retail Research, HDFC Securities said Nifty ended at record levels and extended the winning streak for the fourth consecutive session on January 12.

He said that at close, Nifty was up 1.14 per cent or 247.4 points at 21894.6 and cash market volumes on the NSE ended at Rs.1.04 lakh cr.

He said that broad market indices rose less than the Nifty even as the focus remained on largecap IT stocks, Bank stocks and Reliance.

“Advance decline ratio remained positive at 1.09:1,” he said.