 "Sensex hits 52-week high on Fed move")
Markets continued its northbound journey with benchmark index Sensex surging touching its 52-week high on back of fresh buying by the overseas investors in sectors like banks and real estate.
Risk appetite got a boost after the Federal Reserve chief Ben Bernanke surprised markets by continuing with its $85 billion dollar stimulus injection plan.
At 10AM, the 30-share Sensex rose 580 points at 20,549 and the 50-share Nifty added 191 points at 6,090 levels.
Market will now see whether the central bank withdraws the liquidity-tightening measures announced mid-July. According to markets participants, it will be difficult for Rajan to cut interest rate, as headline inflation inched up in August.
The broader markets gained with mid-caps and small-caps rising 0.6-1 per cent on the BSE.
The market breadth was positive. Out of 537 stocks traded, 464 stocks advanced while 60 stocks declined on the BSE.
Foreign Institutional Investors (FIIs) flows
FIIs had pumped dollars into Indian markets, net-buying shares worth Rs 580 crore on Wednesday, according to provisional data.
So far this month, these investors have bought to the tune of over Rs 7,000 crore, after selling shares worth about Rs 22,000 crore in the preceding three months.
RUPEE
Rupee strengthened significantly in today’s trade tracking other emerging market currencies after US Federal Reserve continued with its bond-buying plan.
At 10AM, the partially convertible rupee was trading at 61.82 per dollar against the yesterday’s close of 63.38 on the Interbank Foreign Exchange.
GLOBAL MARKETS
Asian stocks jumped to a four-month high, bond yields and credit risk declined while industrial metals rallied after the Federal Reserve unexpectedly refrained from reducing U.S. economic stimulus.
Japan’s Nikkei rose 1.3% to 14,697, Singapore’s Straits Times gained 1.6% at 3,248, China’s Shanghai Composite index was flat at 2,191 while Hong Kong’s Hang Seng added 1.7% to 23,511 today.
STOCK MOVERS
Domestically, all the key sectoral indices gained with realty, banks, FMCG, consumer durables, oil & gas, healthcare indices leading the gains on the BSE.
The gainers included counters such as ICICI Bank and HDFC Bank gaining8-9% each, BHEL surged 4%, SBI added 6% on the BSE.
The laggards were Wipro declining 0.2% on the BSE.
The key notable movers included counters such as Bharti Airtel that has rallied over 5% at Rs 355 on reports that Singapore Telecommunications Ltd (SingTel), the largest foreign investor in the company pledges support to lead a consolidation drive of the local telecoms industry.
Banking shares are on a roll in opening deals surging up to 17% on NSE as Indian rupee appreciated nearly two percentage points against US dollar after the Federal Reserve decided to continue liquidity infusion through asset purchases.
Risk appetite got a boost after the Federal Reserve chief Ben Bernanke surprised markets by continuing with its $85 billion dollar stimulus injection plan.
At 10AM, the 30-share Sensex rose 580 points at 20,549 and the 50-share Nifty added 191 points at 6,090 levels.
More From This Section
Domestically, the Reserve Bank of India’s monetary policy this Friday-- the first under the new governor, Raghuram Rajan-- will be very crucial.
Market will now see whether the central bank withdraws the liquidity-tightening measures announced mid-July. According to markets participants, it will be difficult for Rajan to cut interest rate, as headline inflation inched up in August.
The broader markets gained with mid-caps and small-caps rising 0.6-1 per cent on the BSE.
The market breadth was positive. Out of 537 stocks traded, 464 stocks advanced while 60 stocks declined on the BSE.
Foreign Institutional Investors (FIIs) flows
FIIs had pumped dollars into Indian markets, net-buying shares worth Rs 580 crore on Wednesday, according to provisional data.
So far this month, these investors have bought to the tune of over Rs 7,000 crore, after selling shares worth about Rs 22,000 crore in the preceding three months.
RUPEE
Rupee strengthened significantly in today’s trade tracking other emerging market currencies after US Federal Reserve continued with its bond-buying plan.
At 10AM, the partially convertible rupee was trading at 61.82 per dollar against the yesterday’s close of 63.38 on the Interbank Foreign Exchange.
GLOBAL MARKETS
Asian stocks jumped to a four-month high, bond yields and credit risk declined while industrial metals rallied after the Federal Reserve unexpectedly refrained from reducing U.S. economic stimulus.
Japan’s Nikkei rose 1.3% to 14,697, Singapore’s Straits Times gained 1.6% at 3,248, China’s Shanghai Composite index was flat at 2,191 while Hong Kong’s Hang Seng added 1.7% to 23,511 today.
STOCK MOVERS
Domestically, all the key sectoral indices gained with realty, banks, FMCG, consumer durables, oil & gas, healthcare indices leading the gains on the BSE.
The gainers included counters such as ICICI Bank and HDFC Bank gaining8-9% each, BHEL surged 4%, SBI added 6% on the BSE.
The laggards were Wipro declining 0.2% on the BSE.
The key notable movers included counters such as Bharti Airtel that has rallied over 5% at Rs 355 on reports that Singapore Telecommunications Ltd (SingTel), the largest foreign investor in the company pledges support to lead a consolidation drive of the local telecoms industry.
Banking shares are on a roll in opening deals surging up to 17% on NSE as Indian rupee appreciated nearly two percentage points against US dollar after the Federal Reserve decided to continue liquidity infusion through asset purchases.