"Nifty built further on its yesterday's gains in afternoon trade, tracking European markets and American index's futures higher. Index has reversed its recent downtrend ahead of the much awaited result of assembly polls in five states. The Nifty bounced from the day's low of 15,990 to closed near 16350 mark.Rally in autos and banks stocks boosted the indices higher.
Barring the Nifty Metal index, all the other sectoral indices closed in the green with Media stocks leading the charge.
Advancing shares outnumbered the decliners with huge margin – and advance decline ratio stood at 3.88 on BSE, Highest since June 2020.
Equity mutual funds saw a net inflow of 19710 Cr rupees in February vs 14890 Cr inflow in January, data from the Association of Mutual Funds India showed.
Insurance major Life Insurance Corporation of India (LIC) got SEBI's approval to go ahead with its IPO also buoyed the sentiment on the street.
Nifty has reversed its recent downtrend ahead of the much awaited result of assembly polls in five states. Nifty has also filled the down gap made on 07 March 2022. Upside acceleration is likely to find resistance near 16700 where 200 day EMA resides. Today’s low on Nifty index 15990 will act as a strong support going forward."