The Nifty pulled back from day's lows in the last half-an hour of the trading session and closed in the positive terrain on Wednesday led by gains in realty, metal stocks.
"The Nifty continued to show strength on every decline, largely aided by strong FII inflows. FIIs have invested 18,000 crore so far in the current year, pushing up the index by over 15%. It is necessary that FII inflows should sustain as there is always a risk of short-term money flowing out, if investors become risk-averse," said Neeraj Agarwal, Derivatives Analyst Emkay Global Financial Services in an ET report.
"Ample liquidity inflow into the markets is helping the momentum to sustain. The 200-day DMA for Nifty is placed at around the 5180-5200 levels. As long as the Nifty sustains above 5200 levels, one can continue to hold long positions," added Neeraj.
At 08:00 AM, Nifty India stock futures in Singapore were down 29.50 points at 5,365.50, indicating a negative opening in the domestic market.
Important results to watch out for:
Adani Enterprises Ltd, Alfa Laval Ltd, Apollo Tyres Ltd, C&C Construction Ltd, Gammon India Ltd, GTL Ltd, GTL Infrastructure Ltd, Hindalco Industries Ltd, HPCL Ltd, JK Tyre & Industries Ltd, Jyoti Ltd, Network 18 Media & Investment Ltd, Page Industries Ltd, Rajesh Exports Ltd, Ruchi Infrastructure Ltd and Tata Steel Ltd.
Stocks in news:
Tech Mahindra Ltd will be in focus after the company reported a consolidated net profit of Rs 276 crore for the quarter ended December 31, 2011. Income from operations rose to Rs 1,444.87 crore during the quarter under review, against Rs 1,211.14 crore in the same period last year.
Gammon India Ltd will be watched after its subsidiary GIPL said it has bagged a Rs 1,684 crore project from NHAI for widening Vijaywada-Gundugolanu section of National Highway in Andhra Pradesh.
CEAT will be in focus after the tyre maker Ceat Ltd today said it will invest up to Rs 250 crore to set up its first manufacturing plant in Bangladesh within the next 30 months.
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