 "Global cues lift markets higher; Nifty reclaims 8,800")
Markets have started the session on a higher note following firm global cues after Federal Reserve Chair Janet Yellen suggested the Fed would not rush into raising interest rates.
By 9:25, the 30-share Sensex was higher by 227 points at 29,232 and the Nifty has gained 65 points at 8,827 mark.
Nifty has managed to hold the crucial support of 8,720 levels and has formed a reversal pattern; one can expect a short bounce as most of the technical indicators remain in the oversold territory. The index has an immediate resistance at 8,800 and on a decisive close above this, one can expect rise to 8,850 and 8,920 levels, points out a technical analyst from Nirmal Bang in a morning note.
However, key events including Railway Budget, Economic Survey and Union Budget due to be presented in the subsequent days will dictate the trend on the bourses.
The Railway Budget 2015-16 will be tabled in the parliament by Rail Minister Suresh Prabhu tomorrow. The Economic Survey will be tabled on Friday, 27 February 2015.
Furthermore, markets will remain volatile as traders will roll over positions in the futures & options (F&O) segment from the February series to March series tomorrow.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 697.28 crore yesterday, as per provisional data. Domestic institutional investors (DIIs) sold shares worth a net Rs 146.98 crore yesterday, as per provisional data.
GLOBAL MARKETS
US stocks moved higher yesterday with the S&P 500 and Dow industrials closing at records, as the market read Federal Reserve Chairwoman Janet Yellen's testimony before Congress as a reassurance that a rate hike might not occur until the second half of the year.
Asian stocks rose on Wednesday thanks to gains on Wall Street after Federal Reserve Chair Janet Yellen suggested the Fed would not rush into raising interest rates, a reassuring signal for investors worried about a deteriorating global outlook.
The euro, meanwhile, was bolstered against the dollar on news that euro zone partners had approved Greece's reform plan, a requirement for the cash-strapped nation to receive a four-month extension to its bailout.
In remarks to the Senate Banking Committee, Yellen said the US central bank was preparing to consider interest rate hikes "on a meeting-by-meeting basis."
MSCI's broadest index of Asia-Pacific shares outside Japan was up about 0.3% in early trade, while Japan's Nikkei stock average was off 0.1% after closing at a fresh 15-year high in the previous session.
SECTORS & STOCKS
Sectors like Banks, Consumer Durables, Metal, Oil & Gas, Power and Realty have gained nearly 1% each. Infact, all the sectoral indices are trading in positive zone.
The main gainers on the Sensex are Sesa Sterlite, HDFC, Tata Steel, RIL, NTPC and Tata Power.
The government has suspended a director in the country’s biggest oil public sector unit, Oil & Natural Gas Corporation Limited (ONGC), over alleged irregularities. The stock is up over 1%.
Odisha Mining Corporation (OMC) has started the process to scrap bauxite mining joint venture (JV) projects with Hindalco and Sesa Sterlite after the state government said the state-run miner can take a decision to do so. Hindalco has gained over 0.5% whereas Sesa Sterlite has risen over 1%.
On the losing side, FMCG majors like ITC and HUL are trading marginally lower.
Among other shares, ABG Shipyard has rallied 9% to Rs 220 on National Stock Exchange (NSE) in early morning trade on media reports that the promoters of a private shipbuilding company is in discussions with domestic and foreign companies to sell a strategic stake in their flagship listed entity.
By 9:25, the 30-share Sensex was higher by 227 points at 29,232 and the Nifty has gained 65 points at 8,827 mark.
Nifty has managed to hold the crucial support of 8,720 levels and has formed a reversal pattern; one can expect a short bounce as most of the technical indicators remain in the oversold territory. The index has an immediate resistance at 8,800 and on a decisive close above this, one can expect rise to 8,850 and 8,920 levels, points out a technical analyst from Nirmal Bang in a morning note.
Also Read
Among broader markets, BSE Midcap and Smallcap indices are up 0.5-0.6%. Market breadth in BSE is positive with 791 advances against 216 declines.
However, key events including Railway Budget, Economic Survey and Union Budget due to be presented in the subsequent days will dictate the trend on the bourses.
The Railway Budget 2015-16 will be tabled in the parliament by Rail Minister Suresh Prabhu tomorrow. The Economic Survey will be tabled on Friday, 27 February 2015.
Furthermore, markets will remain volatile as traders will roll over positions in the futures & options (F&O) segment from the February series to March series tomorrow.
Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net Rs 697.28 crore yesterday, as per provisional data. Domestic institutional investors (DIIs) sold shares worth a net Rs 146.98 crore yesterday, as per provisional data.
GLOBAL MARKETS
US stocks moved higher yesterday with the S&P 500 and Dow industrials closing at records, as the market read Federal Reserve Chairwoman Janet Yellen's testimony before Congress as a reassurance that a rate hike might not occur until the second half of the year.
Asian stocks rose on Wednesday thanks to gains on Wall Street after Federal Reserve Chair Janet Yellen suggested the Fed would not rush into raising interest rates, a reassuring signal for investors worried about a deteriorating global outlook.
The euro, meanwhile, was bolstered against the dollar on news that euro zone partners had approved Greece's reform plan, a requirement for the cash-strapped nation to receive a four-month extension to its bailout.
In remarks to the Senate Banking Committee, Yellen said the US central bank was preparing to consider interest rate hikes "on a meeting-by-meeting basis."
MSCI's broadest index of Asia-Pacific shares outside Japan was up about 0.3% in early trade, while Japan's Nikkei stock average was off 0.1% after closing at a fresh 15-year high in the previous session.
SECTORS & STOCKS
Sectors like Banks, Consumer Durables, Metal, Oil & Gas, Power and Realty have gained nearly 1% each. Infact, all the sectoral indices are trading in positive zone.
The main gainers on the Sensex are Sesa Sterlite, HDFC, Tata Steel, RIL, NTPC and Tata Power.
The government has suspended a director in the country’s biggest oil public sector unit, Oil & Natural Gas Corporation Limited (ONGC), over alleged irregularities. The stock is up over 1%.
Odisha Mining Corporation (OMC) has started the process to scrap bauxite mining joint venture (JV) projects with Hindalco and Sesa Sterlite after the state government said the state-run miner can take a decision to do so. Hindalco has gained over 0.5% whereas Sesa Sterlite has risen over 1%.
On the losing side, FMCG majors like ITC and HUL are trading marginally lower.
Among other shares, ABG Shipyard has rallied 9% to Rs 220 on National Stock Exchange (NSE) in early morning trade on media reports that the promoters of a private shipbuilding company is in discussions with domestic and foreign companies to sell a strategic stake in their flagship listed entity.