Equity and Debt Mutual Funds ended positive as the Equity benchmarks rallied for the second consecutive session on Wednesday with the Nifty climbing above 7600 level supported by banks, oil & gas, metals and capital goods stocks.
Equity Mutual Funds across domain advanced as the Equity benchmarks rallied for the second consecutive session on Wednesday with the Nifty climbing above 7600 level supported by banks, oil & gas, metals and capital goods stocks. All Equity funds across categories including sector space excelled with no decline. The 30-share BSE Sensex surged 321.07 points or 1.27 percent to close at 25549.72 and the 50-share NSE Nifty jumped 97.75 points or 1.30 percent to 7624.40. The broader markets shot up too, with the BSE Midcap and Smallcap indices rising 1.3 percent and 2 percent, respectively. Strong rally was led by short covering and long build-up as well as value buying in realty, banks, capital goods and metals stocks after the RBI issued guidelines for infrastructure lending, say experts, adding the Nifty may remain rangebound – 7500 on downside and 7700 on upside - till the policy announcement (RBI policy on August 5). In the fixed income space, all the funds in debt space too ended higher with no decline. Tirthankar Patnaik of Religare Capital Markets said that the bond market is waiting for the new paper to be issued. Until then, expect a reasonably tight range of 8.6 to 8.75 percent on the 10-year yield.
Equity Mutual Funds across domain advanced as the Equity benchmarks rallied for the second consecutive session on Wednesday with the Nifty climbing above 7600 level supported by banks, oil & gas, metals and capital goods stocks. All Equity funds across categories including sector space excelled with no decline. The 30-share BSE Sensex surged 321.07 points or 1.27 percent to close at 25549.72 and the 50-share NSE Nifty jumped 97.75 points or 1.30 percent to 7624.40. The broader markets shot up too, with the BSE Midcap and Smallcap indices rising 1.3 percent and 2 percent, respectively. Strong rally was led by short covering and long build-up as well as value buying in realty, banks, capital goods and metals stocks after the RBI issued guidelines for infrastructure lending, say experts, adding the Nifty may remain rangebound – 7500 on downside and 7700 on upside - till the policy announcement (RBI policy on August 5). In the fixed income space, all the funds in debt space too ended higher with no decline. Tirthankar Patnaik of Religare Capital Markets said that the bond market is waiting for the new paper to be issued. Until then, expect a reasonably tight range of 8.6 to 8.75 percent on the 10-year yield.
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