 "Markets at all-time highs; Sensex zooms more than 300 pts")
The markets are going strong this afternoon on hopes of a favourable monsoon and continued optimism about a turnaround in the economy.
The Sensex is at 25,378, stronger by 360 points and the Nifty is at 7,576, up 102 points. The broader markets are continuing their recent outperformance.
The midcap index has added 128 points at 9084 and the smallcap index has added 137 points at 9761.
The Sensex is at 25,378, stronger by 360 points and the Nifty is at 7,576, up 102 points. The broader markets are continuing their recent outperformance.
The midcap index has added 128 points at 9084 and the smallcap index has added 137 points at 9761.
The BSE benchmark Sensex had captured Mount 25k, and hit new all-time closing highs, on Thursday after a period of consolidation spanning the past two weeks. And the adrenalin rush has continued unabated in the current session. The decision by the European Central Bank on Thursday, to cut the interest rates, is also likely to further open the floodgates for Indian stocks.
On the global front, Asian markets were trading mixed since the European Central Bank’s easing package only meagerly lifted the investor sentiment. Hang Seng, Kospi and Shanghai lost around half a per cent each, whiler Straits Times and SET gained by a similar percentage.
The European markets, including the FTSE, CAC and DAX, are however flat in early trades.
The European markets, including the FTSE, CAC and DAX, are however flat in early trades.
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On the economic front, the rupee has gained marginally as RBI was spotted buying dollars through state-owned banks. The rupee is currently trading at 59.1 against the US dollar.
The BSE Oil & gas index has rallied around 3% to top the sectoral gainers list on the BSE following reports that the oil ministry is looking to clarify the new government's stand on the gas prices by the beginning of July. ONGC has surged by 7.3% to touch a life-time high of Rs 450, Gail India has rallied by 5.3% at Rs 411 and RIL has added 2.3% at Rs 1113. In the broader oils space, BPCL has gained 2% to touch all-time high of Rs 630 and HPCL has advanced by 1.2% to Rs 452.
Banking stocks have also bounced back in today's session. ICICI Bank has jumped by 1.7% at Rs 1487, Axis Bank has gained by 1.3% at Rs 1974 and SBI has added 1.2% at Rs 2729.
Sugar stocks such as Bajaj Hindusthan, Balrampur Chini, Dhampur Sugar, Shree Renuka Sugars and Triveni Engineering have sweetened by 8-13% each after Food Minister Ram Vilas Paswan said on Thursday that the food ministry is examining a proposal to raise the import duty from 15 to 40 per cent. It might also consider fixing the export incentive on raw sugar for two years against the current practice of revising it every two months.
The IT space remains the only sore point in an otherwise ecstatic market performance. The BSE IT index has slipped more than a percent, led by losses in Infosys (down 2.5% at Rs 2962) and Tata Consultancy Services (down 1.1% at Rs 2080). Infosys has suffered another top level exit. Prasad Thrikutam, the global head for sales and marketing at Infosys quit on Thursday, in what is the latest in a series of senior management exits in the last one year.
The metal stocks are seeing some profit-booking post the stellar gains in the past 3-4 trading sessions. Sesa Sterlite has shed 3% at Rs 304 and Hindalco has lost 1% at Rs 167.
In the broader market, Videocon Industries has firmed up by 1% to Rs 186 after announcing a collaboration with Huawei to launch the state-of-the-art 4G LTE-ready Packet Core technology in India.
Strides Arcolab has zoomed by 9% at Rs 597 after it received an approval from the US Food and Drug Administration for manufacture of generic Methoxsalen capsules in 10mg dosage.
The market breadth is strong, with 1,971 gainers and 992 losers on the BSE.