After eight-session of rally (1265 points on the Sensex), experts expect some amount of profit booking in near term but they believe the long term bull run is intact. According to independent market expert Ambareesh Baliga, the valuations are quite expensive right now and it is best to book some profits. He feels the deep crack will pull the market down by nearly 300-400 points but not below 7400.
Metals stocks like Tata Steel and Hindalco Industries gained 2-2.5 percent after China's factory data. The HSBC/Markit Flash China Manufacturing Purchasing Managers' Index rose to 52.0 in July, the highest reading since January 2013, from June's final reading of 50.7 as new orders surged. FMCG major Hindustan Unilever gained 1.5 percent. Its parent company Unilever said underlying sales rose 3.8 percent as against expectations of 4.3 percent.
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