Nifty sees pullback rally

The benchmark indices witnessed a pullback rally with the Nifty ending 74 points higher while the Sensex was up 272 points, Shrikant Chouhan, Head-Equity Research, Kotak Securities, said.

Among sectors, Media index rallied over 3 per cent whereas intra-day profit booking was seen in selective PSU Banks and FMCG stocks, he said.

Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services said Nifty made a smart recovery in the last hour and closed with gains of 74 points at 21,619 levels.

Sector-wise it was a mixed bag with buying seen in media, IT, metals, and consumer durable stocks.

Niche sectors like Railway stocks were in focus on the back of an increase in the government’s spending on railway infrastructure.

US inflation data to be released on Thursday has kept global investors on edge as it would have an impact on rate decisions.

However, the Indian market is showing strength despite global volatility, he said.

“We expect markets to consolidate in a broader range with a positive bias as overall Q3 earnings are estimated to remain healthy. Technology sector is expected to remain in focus as IT major TCS and Infosys will announce their Q3 results on Thursday. Their management’s commentary and guidance would set a precedent for other tech companies,” he added.