Online Trading India

Mutual Funds

Share Market
Credit Card

Market Soared 400 Points. 6 Reasons Why

Bulls continued to party on Thursday as benchmark stock indices made fresh lifetime peaks their new home, riding on all-round optimism for the economy.

The S&P BSE Sensex today surged as much as 425 points to hit a new high of 35,507.36 so far, with FMCG major ITC (up 3 per cent) being the top gainer and Tata Steel (down 3 per cent) the worst laggard.

On similar lines, the Nifty50 was up 84 points at 10,872.80. Financial stocks were the flagbearers, followed by FMCG and auto sectors.

Debt Strategy Lifts Spirits

Just two weeks before presentation of the Union Budget, the government on Wednesday sought to soothe jittery nerves by announcing that it will bring down its additional borrowing to Rs 20,000 crore, from the earlier announced Rs 50,000 crore.

100% FDI In Banking Buzz

Banking stocks made hay on reports that the government is considering allowing 100 per cent FDI in private lenders and 49 per cent in PSU banks. As per domestic brokerage firm ICICI Direct, the government may go for FDI push in the banking sector, which will pave the way for higher foreign flows in banks. The Nifty Bank index hit a fresh record high of 26,888 and was trading 1.77 per cent higher at 26,755.50, with 9 out of 12 constituents in the green.

Upbeat Global Cues

Asian stocks pulled off record highs on Thursday, with a rally on Wall Street supporting bullish investor sentiment. MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2 per cent after rising as much as 0.4 per cent to a fresh peak. South Korea’s KOSPI was effectively flat. Japan’s Nikkei reached its highest level since late 1991 earlier before ending down 0.4 per cent.

Solid Q3 Earnings

India Inc has fared better-than-expected so far on the third quarter earnings front. Solid Q3 numbers by IT majors TCS and Infosys gave the much-needed impetus to the market. FMCG major Hindustan Unilever reported a 28 per cent YoY rise in net profit at Rs 1,326 crore for the December quarter.

All Eyes On GST Council Meet

The Goods and Services Tax Council is slated to hold its 25th meeting on Thursday, where it may take up revision in tax rates on a number of items such as bio-diesel, agri equipment, electric vehicles and online services.

Tech Charts Show More Upside

The Nifty50 index made a ‘Bullish Engulfing’ pattern on the daily chart on Wednesday and experts believe further buying may open up way for the 11,000-mark. If the index sustains 10,800, it may rise further towards 10,830-10,870 levels, said Rajesh Palviya, Head – Technical & Derivatives Analyst at Axis Securities.

(Visited 418 times, 1 visits today)