Nifty jumps by a ton; banks lose interest

Amar Ambani, Head of Research, IIFL, said, “Technically, Nifty managed to close above the previous quarter’s low of 7940, which indicates that positive momentum may prolong in the coming days. The main indices managed to keep the momentum going despite FII selling on Tuesday. Investors will now look at the PMI numbers and auto sales figures to get some sense of how the economy is doing. Stocks like HCL Tech could see pressure following a profit warning by the company.”