SENSEX
CROSS 27K MARK AGAIN
Indian
markets today soared to over five-week highs with Sensex reclaiming
27,000-mark and Nifty inching closer to 8,100-level on the back of
gains in metal and auto shares in line with a buoyant global trend
ahead of US Federal Reserve's policy meeting outcome. Hectic
short-coverings ahead of the expiry of domestic derivatives contract
tomorrow also boosted the trading sentiments, brokers said, adding
that hopes of further economic reforms, rising rate cut expectations
and fall in international oil price also played a positive role.
Shares from realty, metal, auto, IT, oil & gas and FMCG sectors
were in good demand while some of the shares from pharma and banking
segments attracted profit-booking. The BSE 30-share barometer resumed
strong but declined to a low of 26,971.16 before bouncing back to
settle at over five-week high of 27,098.17, a rise of 217.35 points
or 0.81 per cent. Yesterday, Sensex had gained 127.92 points or 0.48
per cent. It has now spurted by 1,196.98 points, or 4.60 per cent, in
seven out of last eight sessions. The broad-based 50-issue CNX Nifty
of the NSE also flared up by 62.85 points, or 0.78 per cent, to end
at 8,090.45. Both indices are at their highest closing peaks since
September 22. Smart rise in Infosys, Tata Motors, RIL, ITC, TCS, Tata
Steel, Hindalco, M&M, Maruti Suzuki, Sesa Sterlite, Bajaj Auto
and Cipla mainly contributed to Sensex rise. "We expect a highly
volatile session on Thursday. First, we shall be seeing participants
reacting to the Fed meeting outcome in early trade followed by the
F&O expiry," said Jayant Manglik, President-retail
distribution, Religare Securities. All eyes are now set on the US
Federal Reserve's meeting which is expected to end its bond-buying
programme but reaffirm its willingness to wait before raising
interest rates, experts said. In overseas markets, Asian stocks
closed strong on rally on Wall Street yesterday on optimisim about
earnings and economic data in the US.
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