The Indian markets did a spectacular turnaround to close with big gains for a second day today. The benchmark indices closed above key psychological levels mirroring global markets. This is the highest close of Sensex since 15 February 2008.
The BSE Sensex closed at 18,113 up 135 points and the NSE Nifty climbed 42 points to settle at 5,441.
At 3.40 pm, the Dow Futures were trading at 10,157 indicating that the Wall Street might open almost 100 points higher. The European markets were all trading high suggesting that investors are more confident about the global economy than the Fed.
On Wednesday, Fed's Chairman Ben Bernanke said that the 'economic outlook remained unusually uncertain'. Bernanke was addressing the bi-annual testimony of the Congress. The Wall Street had slumped on Fed’s cautious outlook as investors switched to risk averse investment strategies.
Today morning, the Indian markets opened in the red tracking weak trade in Asian markets. The Asian markets closed in the red barring the Chinese markets that extended their gains to a third day today. The Nikkei 225 in Japan fell 0.62 per cent to 9,220. The Kospi in South Korea fell 0.76 per cent.
The markets were flat for most part of the day until the last hour of trade when global sentiments sent the key indices soaring.
Metals extended their gains and the metal index rose 1.28 per cent. Tata Steel gained 1.94 per cent and Sterlite Industries rose 1.56 per cent. Investors also piled up defensive stocks though. Consumer durables led the gains, the index ending 1.41 per cent higher. FMCG stocks rose too. ITC rose 1.64 per cent. The company also reported good earnings today. Its net profit rose Rs 1070 cr. vs Rs 879 cr. YoY.
IT was the only index to decline. Infosys was down 0.28 per cent.
25 stocks advanced on the Sensex while 5 declined. ITC, HDFC, SBI and Bharti were the index movers. Infosys was a drag. M&M was the biggest gainer on the Sensex while ACC the biggest loser.
Broader markets underperformed the benchmark indices. The BSE small cap index gained 0.27 per cent and the CNX midcap rose 0.30 per cent. 51 per cent stocks advanced on the BSE indicating that the market breadth remained positive.
Bajaj Auto gained 3.15 per cent. The company's net profit more than doubled. United Breweries rose 20.34 per cent. The company's sales increased 37 per cent YoY and PAT rose 114 per cent YoY.
ACC fell 1.06 per cent. Its net profit declined YoY. PNB declined 0.48 per cent on results.
Everonn rose 0.95 per cent. SKIL will make an offer for 20 per cent stake in the company.
Power Grid rose 1.60 per cent. The government has approved a FPO for the PSU.
The BSE Sensex closed at 18,113 up 135 points and the NSE Nifty climbed 42 points to settle at 5,441.
At 3.40 pm, the Dow Futures were trading at 10,157 indicating that the Wall Street might open almost 100 points higher. The European markets were all trading high suggesting that investors are more confident about the global economy than the Fed.
On Wednesday, Fed's Chairman Ben Bernanke said that the 'economic outlook remained unusually uncertain'. Bernanke was addressing the bi-annual testimony of the Congress. The Wall Street had slumped on Fed’s cautious outlook as investors switched to risk averse investment strategies.
Today morning, the Indian markets opened in the red tracking weak trade in Asian markets. The Asian markets closed in the red barring the Chinese markets that extended their gains to a third day today. The Nikkei 225 in Japan fell 0.62 per cent to 9,220. The Kospi in South Korea fell 0.76 per cent.
The markets were flat for most part of the day until the last hour of trade when global sentiments sent the key indices soaring.
Metals extended their gains and the metal index rose 1.28 per cent. Tata Steel gained 1.94 per cent and Sterlite Industries rose 1.56 per cent. Investors also piled up defensive stocks though. Consumer durables led the gains, the index ending 1.41 per cent higher. FMCG stocks rose too. ITC rose 1.64 per cent. The company also reported good earnings today. Its net profit rose Rs 1070 cr. vs Rs 879 cr. YoY.
IT was the only index to decline. Infosys was down 0.28 per cent.
25 stocks advanced on the Sensex while 5 declined. ITC, HDFC, SBI and Bharti were the index movers. Infosys was a drag. M&M was the biggest gainer on the Sensex while ACC the biggest loser.
Broader markets underperformed the benchmark indices. The BSE small cap index gained 0.27 per cent and the CNX midcap rose 0.30 per cent. 51 per cent stocks advanced on the BSE indicating that the market breadth remained positive.
Bajaj Auto gained 3.15 per cent. The company's net profit more than doubled. United Breweries rose 20.34 per cent. The company's sales increased 37 per cent YoY and PAT rose 114 per cent YoY.
ACC fell 1.06 per cent. Its net profit declined YoY. PNB declined 0.48 per cent on results.
Everonn rose 0.95 per cent. SKIL will make an offer for 20 per cent stake in the company.
Power Grid rose 1.60 per cent. The government has approved a FPO for the PSU.
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