 "Nifty tops 6,500; banking shares roar")
Market contiued to scale new highs on Friday as key benchmark stock indices hit record levels not witnessed before.
At 11:50 am, the 30-share BSE Sensex was up 345 points higher at 21,859 while 50-unit NSE Nifty after opening at its all-time high levels, surged almost 100 points to hit a fresh high at 6,500 levels.
Among heavyweights, ICICI Bank, L&T, Reliance, HDFC Bank and SBI surged 5-7% higher and remain the top Sensex gainers at this hour.
Banking stocks are trading higher for fourth straight trading session, with the Bank Nifty gaining over 1,000 points during the period.
At 1100 hours, the Bank Nifty moved up over 4% at 11,759 points, as compared to 1% rise in CNX Nifty. The largest gainer among the sectoral indices today, the Bank Nifty has rallied 10% in past four trading sessions from 10,652 on Monday against 3.8% rise in benchmark index.
A sharp decline in India's current account deficit (CAD) during the December quarter coupled with a sustained buying by foreign funds in the past few sessions fuelled rally in equity markets. The CAD during 3QFY2014 narrowed sharply to 0.9% of GDP as compared to 1.2% of GDP in the previous quarter and 6.5% of GDP in 3QFY2013.
Among the individual stocks, YES Bank has surged 7% to Rs 370, followed by ICICI Bank (6% at Rs 1,197), Axis Bank and SBI are up 5% each at Rs 1,403 and Rs 1,649 respectively. IndusInd Bank, Punjab National Bank and Bank of Baroda are up 4% each
(Update 1150 hours)
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Market remained exhuberant on Friday as gains were extended into a second day witnessing a rally accross all sectors and broader markets.
At 10:50 am, the 30-share BSE Sensex was up 200 points higher at 21,721while 50-unit NSE Nifty opened at its all-time high levels, up 65 points from yesterday's close at 6,466levels.
ICICI Bank, L&T, Reliance, HDFC Bank and SBI were the top gainers at this hour.
"Nifty has managed to surpass the resistance of 6,400 levels and has confirmed a bullish bias and continuation of the up trend. One should maintain a positive bias in the near term for an upside target of 6,530 and 6600 levels," said
(updated at 1050hrs) =================================================================================================
After scaling all-time highs levels, key stock indices extended their gains on Friday as pre-election rally dubbed as a 'hope rally' continued amid positive global cues and sustained foreign fund inflows. Investors now hope that this pre-election rally fuelled by foreign funds along with an increased participation from retail investors will drive markets higher in the near-term.
Foreign institutional investors bought local shares worth Rs 1,272.93 crore on Friday. FIIs' outlook on India improved as they turned buyers in the past sessions after selling local stocks in the first half of January. An improvement in the macro-economic indicators such as CAD, rupee volatality seem to drive them say experts.
The Indian markets rose higher on Thursday, adding to the previous session's rally. An improvement in CAD, positive global cues and consistent support from foreign institutional investors (FIIs) fueled the rally.
At 9:45 am, the 30-share BSE Sensex was up 122 points higher at 21,567 while 50-unit NSE Nifty opened at its all-time high levels, up 17 points from yesterday's close at 6,420 levels.
On technical parameters, “The trend deciding level for the day is 21,456 / 6,382 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 21,583 – 21,652 / 6,425 – 6,449 levels. However, if NIFTY trades below 21,456 / 6,382 levels for the first half-an-hour of trade then it may correct 21,387 – 21,261 / 6,358 – 6,316 levels,” said Angel Broking in a morning note.
Among heavyweights, L&T zoomed 5% in opening deals followed by Bharti Airtel and ICICI Bank surged over 3%, Reliance and SBI are the other top Sensex gainers at this hour.
Among sectors, BSE Capital Good index jumped 4% after touching its 52-week high levels on Thursday. L&T, Havells India and Sadbhav Engg are the top gainers from the pack.
BSE Bankex is up almost 2% followed by Realty and metal indices which edged 1% higher in early-morning deals on Friday.
Broader markets remain firm too; BSE mid-cap and small-cap indices gained 0.4-0.5%.
Market breath remained firm as 944 stocks advanced while 457 declined on the BSE.
Rupee
The rupee hit a new three-month high in early trade today, but failed to rise above 61. It is trading around 61.11/12 after opening at 61.01. A large US bank is buyer of dollar in early trades, dealers said.
Global cues
Asian stocks rose on Friday, buoyed by Wall Street's gains the previous day, but investors remained cautious ahead of the US nonfarm payrolls report later in the session.
The euro remained near overnight highs following the European Central Bank's decision not to ease policy, while the safe-haven yen continued to sag after suffering sharp losses as risk appetite returned.
MSCI's broadest index of Asia-Pacific shares outside Japan was up about 0.3%, and Tokyo's Nikkei rose 0.6%.
The US markets remained firm on Thursday, as investors focused on a various economic reports and speeches from several Federal Reserve officials as well as remarks from the ECB President Mario Draghi. The ECB left the interest rates unchanged. A report from the Labor Department showed that initial jobless claims dropped to 323,000 in the week ended March 1st, a decrease of 26,000 from the previous week's revised figure of 349,000, which led to an initial strength on key benchmark indices there. The released data is positive for the labor market scenario. Investors will now eye the monthly jobs report set to be released today.
The Dow Jones rose 61.71 points or 0.38%, to end at 16,421.89. The S&P 500 gained 3.22 points or 0.17 percent, to finish at 1,877.03. The Nasdaq Composite dropped 5.848 points or 0.13 percent, to close at 4,352.125.
Meanwhile, European markets remained lackluster on Thursday, rising modestly after European Central Bank Mario Draghi hinted that policy makers have no plans for further monetary stimulus.
At 11:50 am, the 30-share BSE Sensex was up 345 points higher at 21,859 while 50-unit NSE Nifty after opening at its all-time high levels, surged almost 100 points to hit a fresh high at 6,500 levels.
Among heavyweights, ICICI Bank, L&T, Reliance, HDFC Bank and SBI surged 5-7% higher and remain the top Sensex gainers at this hour.
Banking stocks are trading higher for fourth straight trading session, with the Bank Nifty gaining over 1,000 points during the period.
At 1100 hours, the Bank Nifty moved up over 4% at 11,759 points, as compared to 1% rise in CNX Nifty. The largest gainer among the sectoral indices today, the Bank Nifty has rallied 10% in past four trading sessions from 10,652 on Monday against 3.8% rise in benchmark index.
A sharp decline in India's current account deficit (CAD) during the December quarter coupled with a sustained buying by foreign funds in the past few sessions fuelled rally in equity markets. The CAD during 3QFY2014 narrowed sharply to 0.9% of GDP as compared to 1.2% of GDP in the previous quarter and 6.5% of GDP in 3QFY2013.
Among the individual stocks, YES Bank has surged 7% to Rs 370, followed by ICICI Bank (6% at Rs 1,197), Axis Bank and SBI are up 5% each at Rs 1,403 and Rs 1,649 respectively. IndusInd Bank, Punjab National Bank and Bank of Baroda are up 4% each
(Update 1150 hours)
================================================================================================
Market remained exhuberant on Friday as gains were extended into a second day witnessing a rally accross all sectors and broader markets.
At 10:50 am, the 30-share BSE Sensex was up 200 points higher at 21,721while 50-unit NSE Nifty opened at its all-time high levels, up 65 points from yesterday's close at 6,466levels.
ICICI Bank, L&T, Reliance, HDFC Bank and SBI were the top gainers at this hour.
"Nifty has managed to surpass the resistance of 6,400 levels and has confirmed a bullish bias and continuation of the up trend. One should maintain a positive bias in the near term for an upside target of 6,530 and 6600 levels," said
Vikas Salunkhe -Technical Research Analyst, Nirmal Bang.
Shares of information technology (IT) companies are under pressure and trading lower by up to 6% in otherwise firm market after the Indian rupee soared to the highest level in almost three months against dollar.
The rupee hit a new three-month high in early trade today, but failed to rise above 61. It is trading around 61.05 after opening at 61.01
Tata Consultancy Services (TCS), Wipro, Tech Mahindra, HCL Technologies and Infosys from the frontline IT stocks are down 1-3%, while NIIT Technologies, Tata Elxsi, Infotech Enterprises, Hexaware Technologies and Polaris Financial Technology are trading lower in the range of 4-6% on the BSE.
The S&P BSE IT index has dipped nearly 2% or 185 points, as compared to 1% rise in benchmark S&P BSE Sensex at 1000 hours.
(updated at 1050hrs) =================================================================================================
After scaling all-time highs levels, key stock indices extended their gains on Friday as pre-election rally dubbed as a 'hope rally' continued amid positive global cues and sustained foreign fund inflows. Investors now hope that this pre-election rally fuelled by foreign funds along with an increased participation from retail investors will drive markets higher in the near-term.
Foreign institutional investors bought local shares worth Rs 1,272.93 crore on Friday. FIIs' outlook on India improved as they turned buyers in the past sessions after selling local stocks in the first half of January. An improvement in the macro-economic indicators such as CAD, rupee volatality seem to drive them say experts.
The Indian markets rose higher on Thursday, adding to the previous session's rally. An improvement in CAD, positive global cues and consistent support from foreign institutional investors (FIIs) fueled the rally.
At 9:45 am, the 30-share BSE Sensex was up 122 points higher at 21,567 while 50-unit NSE Nifty opened at its all-time high levels, up 17 points from yesterday's close at 6,420 levels.
On technical parameters, “The trend deciding level for the day is 21,456 / 6,382 levels. If NIFTY trades above this level during the first half-an-hour of trade then we may witness a further rally up to 21,583 – 21,652 / 6,425 – 6,449 levels. However, if NIFTY trades below 21,456 / 6,382 levels for the first half-an-hour of trade then it may correct 21,387 – 21,261 / 6,358 – 6,316 levels,” said Angel Broking in a morning note.
Among heavyweights, L&T zoomed 5% in opening deals followed by Bharti Airtel and ICICI Bank surged over 3%, Reliance and SBI are the other top Sensex gainers at this hour.
Among sectors, BSE Capital Good index jumped 4% after touching its 52-week high levels on Thursday. L&T, Havells India and Sadbhav Engg are the top gainers from the pack.
BSE Bankex is up almost 2% followed by Realty and metal indices which edged 1% higher in early-morning deals on Friday.
Broader markets remain firm too; BSE mid-cap and small-cap indices gained 0.4-0.5%.
Market breath remained firm as 944 stocks advanced while 457 declined on the BSE.
Rupee
The rupee hit a new three-month high in early trade today, but failed to rise above 61. It is trading around 61.11/12 after opening at 61.01. A large US bank is buyer of dollar in early trades, dealers said.
Global cues
Asian stocks rose on Friday, buoyed by Wall Street's gains the previous day, but investors remained cautious ahead of the US nonfarm payrolls report later in the session.
The euro remained near overnight highs following the European Central Bank's decision not to ease policy, while the safe-haven yen continued to sag after suffering sharp losses as risk appetite returned.
MSCI's broadest index of Asia-Pacific shares outside Japan was up about 0.3%, and Tokyo's Nikkei rose 0.6%.
The US markets remained firm on Thursday, as investors focused on a various economic reports and speeches from several Federal Reserve officials as well as remarks from the ECB President Mario Draghi. The ECB left the interest rates unchanged. A report from the Labor Department showed that initial jobless claims dropped to 323,000 in the week ended March 1st, a decrease of 26,000 from the previous week's revised figure of 349,000, which led to an initial strength on key benchmark indices there. The released data is positive for the labor market scenario. Investors will now eye the monthly jobs report set to be released today.
The Dow Jones rose 61.71 points or 0.38%, to end at 16,421.89. The S&P 500 gained 3.22 points or 0.17 percent, to finish at 1,877.03. The Nasdaq Composite dropped 5.848 points or 0.13 percent, to close at 4,352.125.
Meanwhile, European markets remained lackluster on Thursday, rising modestly after European Central Bank Mario Draghi hinted that policy makers have no plans for further monetary stimulus.