The Indian markets surged in last session, extending their rally mood into the new series. Today, the start of the data heavy week is likely to be in green and traders will be reacting to the better GDP data for the second quarter. The Indian economy grew at a higher-than expected 4.8 percent in the September quarter, on the back of improvement in farm and construction sector output. Traders will also be taking support with the report that foreign investors, continuing their buying spree for the third straight month invested net Rs 8,000 crore in Indian stocks in November. However, going forward trade may also see cautious move ahead of state election results and winter session of the Parliament. There will be buzz in the aviation sector, as the Competition Commission of India (CCI) has advocated the abolition of the minimum eligibility criteria for Indian carriers to launch international services. The sugar stocks based in UP too will be in focus, as the price deadlock has been resolved and millers in Uttar Pradesh have agreed to pay Rs 280 per quintal of sugarcane, they will pay Rs 260 per quintal in 15 days and another Rs 20 by the end of the crushing season. Meanwhile, the Reserve Bank of India (RBI) has increased the foreign direct investment (FDI) limit to 74% in credit information bureaus in the country. At present, investments, directly or indirectly by any person, whether resident or otherwise are limited to 10% of the equity capital of a CIC.
The US markets closed mostly lower in last session and traders preferred to remain on sidelines during the short trading session. The Asian markets have made a mixed start, the regional indices are slowing showing signs of recovery on report that Chinese manufacturing growth beat estimates and came at 51.4 in government’s data.
Back home, extending their last session’s rally, stock markets in India displayed an awe-inspiring performance and bulls looked waiting for significant upside triggers to open fresh positions on first day of the new Futures and Options series. The frontline equity indices rallied by over a percentage point and settled near their important psychological 20,800 (Sensex) and 6,200 (Nifty) levels. Sentiments remained sanguine since start of the trade with investors hoping good Q2 Gross Domestic Product (GDP) data. Experts are estimating the Indian GDP to have expanded by about 4.5 percent in the July-September period on the back of rising exports and a good monsoon. Sentiments also remained up-beat after Planning Commission Deputy Chairman Montek Singh Ahluwalia said India can achieve 6% economic growth next fiscal and that the second half of this fiscal could be better than the first. He also added that India will become the third-biggest economy in the world by 2030. Positive opening in European markets too supported the sentiments; moreover, most of the Asian equity benchmarks ended the session in the green. Back home, PSU banks witnessed some buying interest after the Committee on Economic Affairs cleared a proposal to allow state electricity boards of Jharkhand, Bihar and Andhra Pradesh to convert their outstanding loans till March 2013 into bonds as part of an amendment to the discom debt restructuring package. Shares of select auto companies remained on buyers’ radar ahead of their monthly sales volume data for November 2013, slated to be unveiled on December 1, 2013. Additionally, shares of power generation and power distribution companies rose, led by rally in Reliance Power which rose after commencing pre-commissioning activities for its concentrated solar power project in Rajasthan’s Jaisalmer district. Finally, the BSE Sensex surged by 257.02 points or 1.25%, to settle at 20791.93, while the CNX Nifty gained 84.25 points or 1.38% to settle at 6,176.10.
The US markets closed mostly lower in last session and traders preferred to remain on sidelines during the short trading session. The Asian markets have made a mixed start, the regional indices are slowing showing signs of recovery on report that Chinese manufacturing growth beat estimates and came at 51.4 in government’s data.
Back home, extending their last session’s rally, stock markets in India displayed an awe-inspiring performance and bulls looked waiting for significant upside triggers to open fresh positions on first day of the new Futures and Options series. The frontline equity indices rallied by over a percentage point and settled near their important psychological 20,800 (Sensex) and 6,200 (Nifty) levels. Sentiments remained sanguine since start of the trade with investors hoping good Q2 Gross Domestic Product (GDP) data. Experts are estimating the Indian GDP to have expanded by about 4.5 percent in the July-September period on the back of rising exports and a good monsoon. Sentiments also remained up-beat after Planning Commission Deputy Chairman Montek Singh Ahluwalia said India can achieve 6% economic growth next fiscal and that the second half of this fiscal could be better than the first. He also added that India will become the third-biggest economy in the world by 2030. Positive opening in European markets too supported the sentiments; moreover, most of the Asian equity benchmarks ended the session in the green. Back home, PSU banks witnessed some buying interest after the Committee on Economic Affairs cleared a proposal to allow state electricity boards of Jharkhand, Bihar and Andhra Pradesh to convert their outstanding loans till March 2013 into bonds as part of an amendment to the discom debt restructuring package. Shares of select auto companies remained on buyers’ radar ahead of their monthly sales volume data for November 2013, slated to be unveiled on December 1, 2013. Additionally, shares of power generation and power distribution companies rose, led by rally in Reliance Power which rose after commencing pre-commissioning activities for its concentrated solar power project in Rajasthan’s Jaisalmer district. Finally, the BSE Sensex surged by 257.02 points or 1.25%, to settle at 20791.93, while the CNX Nifty gained 84.25 points or 1.38% to settle at 6,176.10.
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