Nifty fails to hold 7750 on March F&O expiry
After a sell-off in last hour of trade, the NSE Nifty ended
F&O expiry session on a flat note Thursday but the March series was strong
with more than 10 percent rally, majorly supported by foreign money and banks.
The 50-share NSE Nifty stayed positive (amid rangebound trade) for major part
of session today but selling in last hour of trade dragged it below 7750. The
index was up 3.20 points to close at 7738.40 and the 30-share BSE Sensex rose
3.28 points to 25341.86. Experts feel the market undertone is positive but they
don't expect Nifty to surpass 8000 level in near term. According to them,
earnings recovery is likely in FY17 that may drive Nifty towards 9000-mark
again. Corporate India is back to investing once again.
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There are ongoing efforts, too, at cleaning up balance sheets,
which is evident from the number of asset sales that have taken place in the
last few weeks, says market expert He adds global investors take such cues
positively and are likely to be attracted to the Indian market feels it is possible that Nifty will rally to
about 7900 in the initial part of April and, thereafter, stay sideways in the
range of 7550–8000. NSE F&O segment has a record turnover of Rs 6.48 lakh
crore today. Index options also have a record turnover of Rs 5.23 lakh crore on
expiry day.
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