14:27
Moneycontrol BureauLive Market Commentary
Equity benchmarks maintained strong momentum in afternoon trade supported by Infosys and Reliance Industries. TCS, ONGC and ICICI Bank too played supportive role today; all these majors gained 2-3 percent.
The Sensex climbed 289.29 points or 1.39 percent to 21,047.78, and the Nifty rose 76.65 points or 1.24 percent to 6,248.10, but the broader markets continued to underperformed benchmarks.
The BSE Midcap Index remained flat and Smallcap gained 0.3 percent. Declining shares outpaced advancing ones by a ratio of 1345 to 1225 on the BSE.
Sandeep Bhatia, Kotak Institutional Equities believes the market will remain rangebound until April-May due to political uncertainty.
According to him, the Indian election is difficult to predict. Anyone who wants to look at it, knows there are multiple variables that keep impacting the eventual outcome, he adds.
"The polling is expected to start by mid-April and so, everyone will be focused on that mid-April onwards. Until then, the focus has to be on the earning season that has started," Bhatia says.
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