Indian equity benchmarks finished a volatile session higher on Thursday — the last day of the May series of derivatives. Gains across most sectors pushed the headline indices higher, helping them halt a three-day-long losing streak.
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The market’s leadership has changed from IT to Banks - so one should keep an eye on advance and decline.
Most of the top gainers were the big losers of the series – on Thursday – from metal stocks, to a couple of financials and IT names. Just like April, this market might be due for a counter trend rally, which might be tradable like April was.
For the counter trend rally – one will have to put a stop loss, somewhere around 15,800 on a closing basis. If one goes below that, the rally is over. And this market might give another opportunity to exit the leverage position, poor quality stocks must be sold off in this market.
It was a good day, not just for India, but across the globe. Good rally in US, the dollar index has gone down further - in the last one week, it's down from 105 to almost 101.
The only worry is Brent crude which is up $218 a barrel. That perhaps can be a bit of a concern, especially because inflation has been the number one concern for the market. But the market has shown willingness to defend this 15,800-mark. The big question is, of course, will the broader market participate in any kind of rally.
Watch the accompanying video of CNBC-TV18’s Anuj Singhal for more details.