It was a monster rally in November series with gains of over 7 percent in Nifty and Sensex. In fact it was the best series in absolute terms since March 2016.
The foreign institutional investors (FIIs) were net short as well and that has been the blessing in disguise because when you see a lot of short positions in the market then you have a bit of a short covering bounce as well that plays out. If you are looking at it in rupee terms, yes, we gain around 7.5 percent but that is the important point. In dollar terms, given that we had a 4.5 percent appreciation in the Indian rupee, it was a 12.5 percent gain in dollar terms.
On a series wise basis, we are moving between 600 and 700 points approximately. So if we go by that calculation, either we end this particular series closer towards 11,400 mark or we end it closer towards 11,100 mark. That data point wasn’t very correct because the last series, we were down more than 700 points and in this series, we were up nearly around 733 points. It was the best series since March 2016.
After you have two big down series, if you have 700 points, the bulls will take it with both hands. The Nifty was up 7.3 percent, the Sensex was up 7.4 percent and the Nifty Bank did even better, it was up nearly around 8.5 percent.
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