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Nifty50 formed a bullish candle on the daily scale with a long lower shadow as it continued to make higher highs and lows for the last four weeks.

The NSE Nifty index was trading 7.15 points up at 16644.05

In the Nifty pack, 39 stocks closed in the green, while 11 stocks ended in the red.

​​As you rightly pointed out, it is because the extraordinary stimulus has led to system liquidity surplus, resulting in lower market borrowing rates, larger and higher rated corporates are sitting on huge piles of cash. They have repaid their borrowings in the market. So the credit growth of the industrial sector has been driven by mid corporates and some refinancing.

Among stock-specific action, speciality chemical players and infrastructure themes remained in demand. On the other hand, investors continued to book profits in the recent gainers. There was not much negative new flow.

The Nifty Realty index closed 0.73 per cent up at 377.25.

Revenue from operations stood at Rs 285.39 crore in the quarter under consideration. It was Rs 201.15 crore in the year-ago period, it added.

On the Multi Commodity Exchange, nickel contracts for the September delivery traded lower by 20 paise, or 0.01 per cent, to Rs 1,410.50 per kg with a business turnover of 1,772 lots.

“After a very long period of time, I see a very high level of business confidence amongst corporate CEOs and they sound very optimistic on the outlook for their business over the next two to three years.”

On the technical charts, the RSI of the stock stood at 40.72.