The Indian equity benchmark indices continued to trade higher. But the NSE Nifty still was not able to breach the 5,700 mark, it touched intraday high of 5,697. The BSE capital goods index outperformed the other sectoral indices; it was up over 1.5%. Strong buying was also seen in realty, auto, metal and banking stocks.
Stocks like ITC, Reliance, ICICI Bank, HDFC Bank and Infosys were positive contributors to the Sensex. However, HUL and Bharti Airtel were the negative contributors.
The Sensex was up 149.61 points or 0.81% at 18711.31, and the Nifty was up 45.10 points or 0.80% at 5690.15. About 1465 shares advanced, 582 shares declined, and 1,410 shares were unchanged.
We expects the market to consolidate for few more months before breaking above 5,850 levels. The Nifty is likely to trade in a broad range of 5,500-5,850 now. The overall trend seems to be positive, but we will have to be patient.