Equity market rises for 3rd day, Sensex settles above 36,000

Rahul Sharma, Market Strategist & Research Head, Equity99 Advisors, said: "Markets settled at a four-month high today on positive clues from Asian and European markets on hopes of a global economic rebound." Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd, noted that global sentiments continue to be buoyant on the back of more positive economic data from the US and China which bolstered hopes of a global economic rebound. China's services sector in June expanded at the fastest pace in over a decade, and US non-farm payrolls saw a better-than-expected jump.

"Market is factoring in positive macro-economic data, onset of timely monsoon and optimism over potential Covid vaccine emerging soon. However, concerns over rising coronavirus cases and chances of a second round of lockdown along with trade tensions between US-China continue to linger. Thus, despite the near term momentum being positive, traders should look at booking profits at regular intervals," he added. On the technical front, Khemka said that Nifty has to hold above 10,500 to extend its move towards 10,800 while the support is placed at 10,450-10,330 levels. (IANS)