MIDSESSION BETTER
STOCKS RISE ON BUDGET HOPES
Nifty galloped further to close above 7700 mark and
appears poised to reach 8000 mark by Budget time. However, Nifty should not go
below 7600 mark to maintain this momentum. However, in view of the sharp rise
in the last Four days, caution is advised at higher levels . While Global
cues, Quarterly results and Funds flow are expected to
broadly guide the market movement, based on the present market position, market
can be expected to be better during midsession and could attract profit booking
towards close.
Nifty
7725 +90
Review for Wednesday :: All round
Bullishness … !!!
Market opened better following global cues and surged
further during the course of the day to close with a gain of more than 1%, and
Nifty closed well above 7700 mark, a new High. 45 of Nifty stocks gained and
broader market too was positive with Advance Decline ratio placed at
1.55:1. Barring Medi and IT indices which fell marginally, all other
sectoral indices gained smartly led by Pharma, Metal, Infra and Auto. HDFC Duo,
ITC and ICICI Bank contributed about 35 points to Nifty’s gain..
Sesa Sterlite, NTPC, MC Dowell, BHEL,
HDFC remained major gainers
among Nifty stocks while HCL Tech, PNB, GAIL, Tech Mahindra lost
marginally.
Adani Ports, Adani Enterprises, OFSS, Colgate,
NHPC remained major gainers among F&O stocks while GMR
Infra, Dish TV, HDIL, IGL, Ashok Leyland declined among F&O stocks. STOCKS RISE ON BUDGET HOPES
The Sensex
and Nifty today hit new life-time highs and closed at record levels after
Finance Minister Arun Jaitley's comments added to optimism that the Union
Budget next week would outline strong steps to pursue fiscal prudence and
revive economic growth. The BSE Sensex intra-day hit life high of 25,864.53 and
settled at a new peak of 25,841.21, gaining 324.86 points, or 1.27 per cent --
extending its string of gains to fourth day. Barring Infosys and GAIL, all the
components of the 30-share Sensex pack ended higher. Sesa Sterlite, Maruti
Suzuki, NTPC and HDFC Bank led the 28 Sensex gainers.
The NSE's 50-issue Nifty
also spurted by 90.45 points, or 1.18 per cent, to end at a new closing high of
7,725.15 after hitting life-time high of 7,732.40. In line with equity markets,
the rupee rose to over two-week high of 59.65 against the dollar in the forex
market. "The participants responded positively to the statement made by
the Finance Minister that the government would take bold decisions in the
forthcoming Budget (July 10) to revive the economy," said Jayant Manglik,
President-retail distribution, Religare Securities. Besides, an uptick in
manufacturing sector growth in June and signs of pickup in auto sales amid
firming trend in the global markets too added to the optimism, he added. Funds
and retail investors created positions in capital goods, power, banking and PSU
sector stocks. Heavy buying interest from retail investors was also seen in
small and mid-cap stocks. The BSE Smallcap and BSE Midcap indices closed up
1.09 per cent and 0.78 per cent respectively. All the 12 BSE sectoral indices,
led by metal, capital goods and power, gained. Foreign Portfolio Investors
bought shares worth a net Rs 856.35 crore yesterday, as per provisional data.
"If you indulge in mindless populism you burden the exchequer...you
convert yourself into a high taxation society. It does not work. Therefore if
you have to follow a path of fiscal prudence, (you should) have a certain
amount of discipline," Jaitley had said yesterday at an event.
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