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Nifty closes higher for 5th straight day on account of short covering

Nifty closes higher for 5th straight day on account of short covering

New Delhi, Sep 7 (SocialNews.XYZ) Nifty closed higher for the fifth straight day with gains of 116 points (+0.6 per cent) at 19,727 levels, Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services, has said.

Despite weak global cues, market recovered in the second half on account of short covering on the weekly expiry day, he said.


Broader market too ended in green with Midcap100/Smallcap100 up 0.8 per cent/0.5 per cent. Banking and Realty were the major drivers with gains of more than 1 per cent.

Nifty reversed early losses to end higher for the fifth session on September 7. 

At close, Nifty was up 0.59 per cent or 116 points at 19,727.1, Deepak Jasani, Head of Retail Research, HDFC Securities, said.

Volumes on the NSE fell compared to the previous session. Midcap index rose more than the Nifty while Smallcap index rose less even as the advance decline ratio was up at 1.49:1.

Global equities mostly fell on Thursday as new signs of sustained inflationary pressures in the US and rising energy prices globally boosted the case for higher-for-longer interest rates. 

European shares fell for a seventh consecutive session on Thursday, on track for their longest losing streak in more than five years, he said.

Risk aversion in the market as the stronger-than-expected services sector data from US spooked fears about continued Fed interest rate hikes and woes over more US curbs on China and lingering sluggish Chinese economic data also pressured equity investments.

China reported on Thursday another monthly decline in imports and exports, albeit less steep than expected.

India's consumer market is set to become the world's third largest by 2027 as the number of middle-to high-income households rise, according to a report by BMI. 

The report predicted that growth in India’s household spending per capita will outpace that of other developing Asian economies like Indonesia, the Philippines and Thailand at 7.8 per cent year-on-year, he said.

BMI estimates India's household spending will exceed $3 trillion as disposable income rises by a compounded 14.6 per cent annually until 2027. 

By then, a projected 25.8 per cent of Indian households will reach $10,000 in annual disposable income.

Source: IANS

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Nifty closes higher for 5th straight day on account of short covering

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