Natural gas spot prices have more than doubled since early April this year, and going by the bullish stance of traders and analysts in the derivative markets, the rally seems to be far from over.

The Nifty Bank index closed 0.9 per cent up at 38171.25.

The issue broke all records of subscription.It saw applications for 2,17,26,31,875 shares against the total issue size of 71,40,793 shares. This means the offer was subscribed nearly 304.3 times.

The top loser of the day, AquaGoat.Finance, priced at $0.000000000208, fell 96.65 per cent in the last 24 hours.

Nifty50 formed a bearish candle on the daily scale with a longer lower shadow, indicating that declines were bought into.

The Nifty Realty index was trading 1.63 per cent up at 509.45.

In the Nifty pack, 26 stocks closed in the green, while 24 stocks ended in the red.

Energy counters saw buying, while realty names continued their stellar run. Auto stocks were also in demand ahead of the September sales data that will be out this week. IT and pharma stocks were under selling pressure.

Indian steel stocks, while no longer the best bets in the market, do not appear particularly bad either. We, however, prefer non-ferrous metals both in India and globally.

“17,950 is kind of a strong hurdle for Nifty. Unless we cross that level on a closing basis, I do not think 18,000 will be achievable .”