Nifty raises expectation with a good start to the day

The Nifty traded above the crucial 8,450-point resistance on Friday as the fresh Futures and Options expiry took root and funds ramped up concentrated holdings on the last day of trading for July in a bid to boost their net asset values.

The Nifty rose 4 points to 8,462 points in early deals. The Advance-Decline Ratio was at 30/20 with Tata Consultancy, Bajaj Auto and Cipla posting modest gains in early deals. The Bank Nifty and CNX Mid cap Index posted decent gains. All sectoral indices traded with strong gains with the CNX Auto Index rising the maximum, up 0.6 percent.

And on the Bombay Stock Exchange, the Sensex rose 250 points, nearly a percent, to 27,950 points in early morning deals on Friday. As a consequence, the Advance-Decline Ratio stood at 22/8.

The markets were equally bullish in the futures and options space with Sun TV, Glenmark and Cipla being on top of the gainers’ list versus Kotak Bank, Colgate and GMR Infra Sun that lost ground. The Advance-Decline Ratio, meanwhile, stood at 77/34.

The broader market, too, showed the dominance of bulls with 1,194 shares gaining ground compared with 426 that lost.

(Image credits: Indiatimes)