Broader markets extended gains for the fourth session on Wednesday as investors pressed buy orders in cement, banking, capital goods and textile stocks. Traders are enjoying the bounce in stock prices from previous Friday when the market bottomed out at a 6-month low, hit after the government’s surprise move to demonetise the 1,000-rupee and 500-rupee notes on November 8.
Here are the major events in the market on Wednesday:
* Nifty Futures cross the all-important 8,200-point mark on sustained buying in capital goods giant Larsen & Toubro; cement makers Grasim, UltraTech and ACC and private lenders such as IndusInd Bank and Yes Bank. The index rose from a low of 7,929 points on Thursday to current levels as investors bought into beaten down stocks.
* Both the Nifty and the Bank Nifty are trading near their day’s high.
* 16 out of 19 sectors represented in the Futures & Options market rise with the strongest gains seen in textile, cement and finance companies.
* Overall, the bulls remain in control of the wider sentiment with 1174 shares advancing compared with 363 that fell on the NSE. The 51-share Nifty’s Advance-Decline Ratio stood at 33/18.
* Strong gains are seen in the consumer durables sector as companies roll out 100 per cent financing schemes to woo reluctant buyers who are suffering from a lack of financial liquidity following the demonetisation drive.