 "Sensex at all-time high; hits 28,000 on broad-based buying")
Ignoring weak global cues, benchmark indices gained ground on Wednesday when the markets resumed for trading after a day's holiday on 4 November on account of Mohrrum. The S&P BSE Sensex crossed the 28,000 mark for the first time ever - hitting a high of 28006.60 in morning deals.
The CNX Nifty, on the other hand, is trading nearly 0.5% higher at 8,360 at 10:07am. In the broader markets, BSE Mid-cap and Small-cap indices have outperformed their larger peers and are trading higher by 0.8% each. The market breadth is positive with almost three advances for every decline.
Banks, Consumer Durables and Realty indices were up over 1% each while Metal index after a green start slipped over a per cent.
"Economic growth in China / Eurozone will engage the attention of the market. The remaining quarterly results will have stock-specific impact. Valuations are at around the long-term average of 15.5x one-year forward consensus earnings (FY16). We believe that, affirmative action on reforms by the Government will be needed for maintaining confidence in the markets. This will, in turn, lead to a further re-rating of the markets in the medium-to-long term," points out a recent Kotak Securities market strategy report.
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(Updated at 1000 hrs)
Benchmark indices are regaining momentum in early morning trade aided by buying in pharma, index heavyweights and financials shares.
On Monday, November 3, FIIs were net buyers to the tune of Rs 1,413.34 crore.
At 0945 hrs, the 30-share Sensex was up 111 points at 27,972 and the 50-share Nifty gained 27 points to trade at 8,351.
In the broader markets, BSE Mid cap and Small cap indices have gained 0.4-0.5%, almost in line with the BSE benchmark index. The market breadth is significantly positive with almost three advances for every decline.
Sectors and stocks
BSE Realty index has gained over 1% followed by BSE Consumer Durables and Capital Goods indices up 0.7% each while BSE IT, Auto indices is flat in the first hour of trade.
Among pharma shares, Sun Pharma has gained close to 1.4% followed by Cipla with a 0.4% gain while Dr Reddys Lab is flat.
From the auto space, Bajaj Auto is up nearly 1% followed by Maruti Suzuki with a gain of around 0.6%. Meanwhile, Hero Motocorp and Tata Motors is down 0.5-0.6%.
Among the metal names, Tata Steel and Hindalco is down nearly 1% each while Sesa Sterlite bucked trend with a 0.4% gain.
Coal India has lost more than 1%.
Global Markets
Asian shares got off to a lacklustre start on Wednesday after a plunge in oil prices dragged down U.S. shares, while the dollar took a breather after this week's rally.
MSCI's broadest index of Asia-Pacific shares outside Japan was down about 0.1% in early trade, while Japan's Nikkei stock average gave up about 0.2%.
Overnight, the S&P 500 and Nasdaq ended lower on Tuesday as another big drop in oil prices dragged down energy shares. The Dow ended slightly higher, although it was unable to break through Friday's record close.
The Dow Jones industrial average rose 0.1%, to 17,384, the S&P 500 lost 0.28%, to 2,012 and the Nasdaq Composite dropped 0.33%, to 4,624.
The CNX Nifty, on the other hand, is trading nearly 0.5% higher at 8,360 at 10:07am. In the broader markets, BSE Mid-cap and Small-cap indices have outperformed their larger peers and are trading higher by 0.8% each. The market breadth is positive with almost three advances for every decline.
Banks, Consumer Durables and Realty indices were up over 1% each while Metal index after a green start slipped over a per cent.
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In the near term, analysts say, the markets will react to the reform initiatives of the government. Winter session of the Parliament will also be closely watched for GST, land reforms, etc.
"Economic growth in China / Eurozone will engage the attention of the market. The remaining quarterly results will have stock-specific impact. Valuations are at around the long-term average of 15.5x one-year forward consensus earnings (FY16). We believe that, affirmative action on reforms by the Government will be needed for maintaining confidence in the markets. This will, in turn, lead to a further re-rating of the markets in the medium-to-long term," points out a recent Kotak Securities market strategy report.
____________________________
(Updated at 1000 hrs)
Benchmark indices are regaining momentum in early morning trade aided by buying in pharma, index heavyweights and financials shares.
On Monday, November 3, FIIs were net buyers to the tune of Rs 1,413.34 crore.
At 0945 hrs, the 30-share Sensex was up 111 points at 27,972 and the 50-share Nifty gained 27 points to trade at 8,351.
In the broader markets, BSE Mid cap and Small cap indices have gained 0.4-0.5%, almost in line with the BSE benchmark index. The market breadth is significantly positive with almost three advances for every decline.
Sectors and stocks
BSE Realty index has gained over 1% followed by BSE Consumer Durables and Capital Goods indices up 0.7% each while BSE IT, Auto indices is flat in the first hour of trade.
Among pharma shares, Sun Pharma has gained close to 1.4% followed by Cipla with a 0.4% gain while Dr Reddys Lab is flat.
From the auto space, Bajaj Auto is up nearly 1% followed by Maruti Suzuki with a gain of around 0.6%. Meanwhile, Hero Motocorp and Tata Motors is down 0.5-0.6%.
Among the metal names, Tata Steel and Hindalco is down nearly 1% each while Sesa Sterlite bucked trend with a 0.4% gain.
Coal India has lost more than 1%.
Global Markets
Asian shares got off to a lacklustre start on Wednesday after a plunge in oil prices dragged down U.S. shares, while the dollar took a breather after this week's rally.
MSCI's broadest index of Asia-Pacific shares outside Japan was down about 0.1% in early trade, while Japan's Nikkei stock average gave up about 0.2%.
Overnight, the S&P 500 and Nasdaq ended lower on Tuesday as another big drop in oil prices dragged down energy shares. The Dow ended slightly higher, although it was unable to break through Friday's record close.
The Dow Jones industrial average rose 0.1%, to 17,384, the S&P 500 lost 0.28%, to 2,012 and the Nasdaq Composite dropped 0.33%, to 4,624.