At 9:24 AM, the S&P BSE Sensex is trading at 26403.62, up by 116.23 points, while NSE Nifty is trading at 8,165.65 up by 39 points.
Asian markets opened in the green as markets discounted the Italian referendum in less than 15 minutes of opening with European indices closing with sharp gains. With the US leading from the front growth expectations on the back of huge infra spending are being touted as catalysts for equity market outperformance in 2017. Money is chasing higher bond yields & equities with Gold being the biggest loser as the US $ gets stronger.
The outlook is a positive start. The concerns and fears regarding the Italian referendum have taken a backseat for now. Wall Street rose on Monday with the Dow hitting record highs. Data showed further strength in the US economy suggesting a rate hike by the Fed next week. Back home the RBI monetary policy meet gets underway today and with a Rs 6 lakh crore Market Stabilisation Scheme expected, a 25 basis points reduction in the key policy rate seems to be well on its way. The central bank will announce its bi-monthly monetary policy on Wednesday
US dollar lost ground against the basket of currencies, with Sterling looking the most resilient among the pack. For Euro, the focus will be accentuated on ECB policy meeting tomorrow, where expectations call for an a six-month extension to their asset purchase program in order to boost inflation and keep borrowing conditions conducive for growth.
Nifty found strong support @ 8050-8060 while 8200-8230 will act as resistance on the upside. Bank Nifty also has seen 18143 being held despite the volatility & that remains a strong support while 18650 will act as resistance on the upside.
Asian markets opened in the green as markets discounted the Italian referendum in less than 15 minutes of opening with European indices closing with sharp gains. With the US leading from the front growth expectations on the back of huge infra spending are being touted as catalysts for equity market outperformance in 2017. Money is chasing higher bond yields & equities with Gold being the biggest loser as the US $ gets stronger.
The outlook is a positive start. The concerns and fears regarding the Italian referendum have taken a backseat for now. Wall Street rose on Monday with the Dow hitting record highs. Data showed further strength in the US economy suggesting a rate hike by the Fed next week. Back home the RBI monetary policy meet gets underway today and with a Rs 6 lakh crore Market Stabilisation Scheme expected, a 25 basis points reduction in the key policy rate seems to be well on its way. The central bank will announce its bi-monthly monetary policy on Wednesday
US dollar lost ground against the basket of currencies, with Sterling looking the most resilient among the pack. For Euro, the focus will be accentuated on ECB policy meeting tomorrow, where expectations call for an a six-month extension to their asset purchase program in order to boost inflation and keep borrowing conditions conducive for growth.
Nifty found strong support @ 8050-8060 while 8200-8230 will act as resistance on the upside. Bank Nifty also has seen 18143 being held despite the volatility & that remains a strong support while 18650 will act as resistance on the upside.
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