Nifty50 reclaims 11,000 levels. Will the up move sustain?

The Nifty50 index reclaimed 11,000 levels in intra-day trade on Wednesday, a feat it last achieved on October 1, 2018. The recent rally has been on account of positive news-flow and better-than-expected financial performance in a handful of stocks that comprise the index.

Sector-wise, stocks from the information technology (IT), private banks and select non-bank finance companies, besides heavyweights Reliance Industries, Larsen & Toubro (L&T), Hindustan Unilever (HUL) have been the major contributors.

Since October 2018 when the index hit the 11,000 level, RIL, Titan Company, L&T, HUL have moved up in the range of 4.5 per cent to 31