Financial Services, Auto Lead Markets Rally; Experts Say Good Buying Opportunity

By Aditya Raghunath — Three out of three. If markets were a sport, today would have been a hat-trick. and the gained strongly for the third day in a row on the back of a strong show by banks, financial services and the auto sectors. Nifty gained 1.44% to close over 14,800 while the Sensex closed 1.61% higher and is within touching distance of regaining Mount 50,000.

gained 3.02% while gained 2.89% followed by at 1.68%.

Bajaj Finance Ltd (NS:) (up 8.02%) led the gainers on the Nifty followed by IndusInd Bank Ltd. (NS:) (up 4.92%) and Eicher Motors Ltd. (NS:) (up 4.83%). Bajaj Finserv Ltd (NS:) and Kotak Mahindra Bank Ltd. (NS:) gained over 3.5% each.

Experts say that Nifty has strong support at 14,700 and any dips until 14,400 should be used as good buying opportunities.

Asian markets were mixed today with and closing up 0.21% and 0.42% respectively while closed down 1.06%. Europe has opened up as markets await a decision from the US Fed on interest rates. It is widely expected that the Fed will not tweak the rates.

US futures were trading mixed with and trading lower at 0.12% and 0.13% respectively while were flat.

It’s a big day for policy in the US, with President Joe Biden expected to lay out details of his plans for an ambitious expansion of public spending, financed at least in part by higher taxes. Alphabet Inc Class A (NASDAQ:) reports blowout earnings as advertisers scramble to get their names in front of a public that is getting ready to spend again. Facebook Inc (NASDAQ:) and Apple Inc (NASDAQ:) will report earnings after the bell today.

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