Market & Nifty Futures Update – 1st July, 2010
NAV Rally or Real Momentum … ?
The Nifty futures opened lower on Wednesday and traded positively till it reached the last days close of 5268 in the initial hours. Thereafter, it corrected 20 points and rallied to 5299. It again corrected some 30 points to reach 5268. At around 2.40 PM the European markets rallied suddenly on the back of a news release which said the Banks have utilised lesser refinance from the ECB than expected. The Nifty futures too rallied strongly in tandem with the European markets and finally closed at 5319. The market might have been helped by the half yearly institutional net asset value management too.
