Financial stocks are leading the gains after RBI comments on the weakening rupee
Benchmark share indices opened 1% higher on Thursday amid firm Asian cues and overnight gains on Wall Street after the Dow and S&P ended at new closing highs. The appreciation in the rupee against the US dollar also boosted sentiment in early trades.
At 9:35AM, the 30-share Sensex was up 284 points or 1.4% at 20,479 and the 50-share Nifty was up 86 points or 1.4% at 6,076
Asian equities were trading higher on Thursday tracking gains on Wall Street. The Nikkei
surged nearly 3% on comments from Federal Reserve Vice Chair Janet Yellen and better than expected GDP growth in the third quarter. The Nikkei was up 2.6%, while Shanghai Composite was up 0.5%. Hang Seng and Straits Times were both up 0.8% each.
The Dow Jones and S&P 500 ended at new closing highs on Wednesday on the back of better-than-expected corporate earnings and on hopes that the US Fed will continue with its monetary stimulus measures.
The Dow Jones industrial average ended up 71 points, or 0.4%, to end at 15,821.63. The Standard & Poor's 500 Index gained 14 points, or 0.8% at 1,782. The tech ladenNasdaq Composite Index ended up 46 points or 1.2% at 3,965.58.
Key European shares extended losses to end lower on Wednesday as investors turned cautious on concerns that central banks would start winding down their easy monetary policies. The CAC-40 ended 24 points lower at 4,239.94, the DAX dropped 22 points to end at 9,054.83, while the FTSE-100 ended 97 points lower at 6,630.
Rate sensitive sectors were among the top gainers among the sectoral indices on the BSE with Bankex up 2.7% followed by Realty, Capital Goods and Auto indices.
Bank shares firmed up after RBI governor Raghuram Rajan on Wednesday stepped in to steady frayed nerves and said there were no fundamental reasons for weakening of the rupee.
In the banking pack, ICICI Bank was up 3.7%, HDFC Bank surged 1.7%, and HDFC was up 1.8%.
Index heavyweights Reliance Ind and ITC were up over 1% each.
Other gainers in the Sensex include, Tata Motors, L&T and Infosys among others.
Sun Pharma was up 0.8% after results for the September quarter were way ahead of Street estimates. Net sales at Rs 4,192 crore marked a growth of 58 per cent over the same quarter last year. This was above Bloomberg's estimates of Rs 3,768 crore. The pharma major has also upped its sales growth guidance for FY14.
In the broader market, the BSE Mid-cap and Small-cap indices were up 1% each.
Market breadth was positive with 765 gainers and 191 losers on the BSE.
At 9:35AM, the 30-share Sensex was up 284 points or 1.4% at 20,479 and the 50-share Nifty was up 86 points or 1.4% at 6,076
Asian equities were trading higher on Thursday tracking gains on Wall Street. The Nikkei
surged nearly 3% on comments from Federal Reserve Vice Chair Janet Yellen and better than expected GDP growth in the third quarter. The Nikkei was up 2.6%, while Shanghai Composite was up 0.5%. Hang Seng and Straits Times were both up 0.8% each.
The Dow Jones and S&P 500 ended at new closing highs on Wednesday on the back of better-than-expected corporate earnings and on hopes that the US Fed will continue with its monetary stimulus measures.
The Dow Jones industrial average ended up 71 points, or 0.4%, to end at 15,821.63. The Standard & Poor's 500 Index gained 14 points, or 0.8% at 1,782. The tech ladenNasdaq Composite Index ended up 46 points or 1.2% at 3,965.58.
Key European shares extended losses to end lower on Wednesday as investors turned cautious on concerns that central banks would start winding down their easy monetary policies. The CAC-40 ended 24 points lower at 4,239.94, the DAX dropped 22 points to end at 9,054.83, while the FTSE-100 ended 97 points lower at 6,630.
Rate sensitive sectors were among the top gainers among the sectoral indices on the BSE with Bankex up 2.7% followed by Realty, Capital Goods and Auto indices.
Bank shares firmed up after RBI governor Raghuram Rajan on Wednesday stepped in to steady frayed nerves and said there were no fundamental reasons for weakening of the rupee.
In the banking pack, ICICI Bank was up 3.7%, HDFC Bank surged 1.7%, and HDFC was up 1.8%.
Index heavyweights Reliance Ind and ITC were up over 1% each.
Other gainers in the Sensex include, Tata Motors, L&T and Infosys among others.
Sun Pharma was up 0.8% after results for the September quarter were way ahead of Street estimates. Net sales at Rs 4,192 crore marked a growth of 58 per cent over the same quarter last year. This was above Bloomberg's estimates of Rs 3,768 crore. The pharma major has also upped its sales growth guidance for FY14.
In the broader market, the BSE Mid-cap and Small-cap indices were up 1% each.
Market breadth was positive with 765 gainers and 191 losers on the BSE.
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