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The broader markets outperformed equity benchmarks after Federal Reserve hiked interest rate by 25 basis points to 1.25 percent, which was on expected lines. The 30-share #BSE #Sensex was up 18.30 points at 31,174.21 and the 50-share #NSE #Nifty fell 12.25 points to 9,605.90. The BSE Midcap index was up 0.2 percent and Smallcap gained 0.5 percent on positive market breadth. About 1,148 shares advanced against 713 declining shares on the BSE. Aurobindo Pharma was #TopGainer among Nifty stocks, up 3.5 percent followed by NTPC, Adani Ports, Bharti Airtel, Dr Reddy's Labs and Sun Pharma whereas GAIL, Coal India, Asian Paints, TCS, L&T, Bank of Baroda and BPCL were under pressure.
Opening Bell : The BSE Sensex surged over 350 points in the early trade, while NSE Nifty surpassed the crucial psychological level of 8,850 after US Fed decided to kept the interest rates unchanged. Other Asian peers were also trading higher in the morning trade. Barring, BSE IT and BSE TECk index, rest all other sectoral indices were trading in green. BSE SmallCap and MidCap indices are trading up wiht the hike of 0.94% each. Meanwhile, Reliance Industries shares hit their fresh 52-week high of Rs 1095.50 in the morning trade. In Global Market, except the Taiwan weighted all other benchmark indices are trading up with positive leads. Japan's index Nikkei is up by 1.88% and Korea's index KOSPI has gained around 1.11% hike in today's morning session.
The S&P #BSE #Sensex is trading at 32597 up 214 points, while #NSE #Nifty is trading at 10091 up 70 points. A total of 53 stocks registered a fresh 52-week high in trade today, while 12 stocks touched a new 52-week low on the NSE. The BSE #Midcap Index is trading up 0.46% at 15409, while BSE #Smallcap Index is trading up 0.33% at 16151. Some buying activity is seen in Capital Goods, Metal, Auto, while Healthcare, Telecom and Consumer Durables are showing weakness on BSE. Yes Bank, HCL Technologies, HDFC, Eicher Motors and IndusInd Bank are among the gainers, whereas Bharti Airtel, Sun Pharma, Cipla, Hindalco and Tata Steel are losing sheen on NSE in the first trading hour.
Opening Bell : Equity benchmarks continued to reel under selling pressure on fears of hike in long term capital gains tax after PM comments. Banking & financial stocks hit hardest with Nifty Bank falling over a percent. The 30-share BSE Sensex was down 208.20 points at 25832.50 and the 50-share NSE Nifty fell 66.90 points to 7918.85. The broader markets underperformed benchmarks with the BSE Midcap and Smallcap indices shedding over 1.3 percent on weak breadth. About five shares declined for every share rising on the BSE. ICICI Bank, HDFC, HDFC Bank, Tata Motors, Axis Bank and SBI were down 1-2 percent while Maruti Suzuki, Asian Paints and Dr Reddy's Labs outperformed, rising 0.5-1 percent.
Bull run in India to continue till '18; buy now: Jim Walker
Economic growth going ahead will be dependent on government’s reforms ahead, Jim Walker, MD, Asianomics said.
In a very optimistic call, Jim Walker, MD, Asianomics expects the current bull run in Indian indices to continue till 2018. In an interview to CNBC-TV18, he says this is not the time to think about end of the bull run instead it is great time to buy into the market. Key Indian indices are on a strong footing from the past few trading sessions with the Nifty and Sensex scaling fresh highs, coutesy supportive global cues and improving macro data back home. He further adds that signals that one is receiving from the new government in India are improving and on the macro-economic front as well, there are many positive developments. On specific sectors, Walker finds value in industrial and cyclical stocks. He says the industrial midcap space holds the best value right now.