Extending its gain on Wednesday, Indian equities ended the second trading session of January 2013 on a strong note. The market breadth was also encouraging for the investors. The news of averting the so called "US fiscal cliff" crisis after the House of Representatives approved a Senate bill that raised tax for the rich and delayed spending cuts, raised the global market sentiment and Indian equities reached to a 23-month high and closed at highest level since January 07, 2011.
Indian equity market traded in positive territory throughout the day. Finally, BSE Sensex opened at 19,693 and closed at 19714.24, up 133.43 points (0.68%) over the previous close. It had earlier touched a day's high of 19756 and a day's low of 19686. It opened at 19693. The broader NSE Nifty rose 0.71 percent, or 42.40 points, to end at 5993.25. The index earlier rose to as high as high as 6,006.05 points, and a low of 5982 points.
Among the 15 BSE sectoral indices, 12 were gainers and only 3 were losers. Oil and Gas, HC, PSU, Power, Realty, Metal, Teck, Oil and Gas, Consumer Durables, Bankex, Capital Goods, Metal, are the gainers. While Realty, IT, FMCG indices are the losers. The BSE Small-Cap index and BSE Mid- Cap index was up by 1%.
RIL, SBI, ICICI Bank, Tata Steel, Hero MotoCorp, Sun Pharma, ICICI Bank, NTPC, Bharti Airtel, Sun Pharma, BHEL, HDFC, ONGC, Dr Reddy’s Lab, Bajaj Auto, Tata Motors, Hindalco Inds, are among gainers in Sensex and Nifty. While, Infosys, TCS, Wipro, Coal India, HUL, M&M were among losers in Sensex and Nifty.
The advance decline ratio was in favour of the bulls. 1766 stocks advanced against 1184 declining stocks. 151 stocks remained unchanged. The total market turnover was at the highest level of Rs 3.92 Lakh crore.
Asian stock markets rose on Wednesday after the US House of Representatives passed a deal to stave off the so-called fiscal cliff. . Hong Kong was up 1.91%, while Singapore gained 1.26% and Seoul rose 1.48%. Financial markets in Japan and China were closed for a public holiday. European shares rose across the board at the start of the new year after US lawmakers approved a deal to prevent a fiscal crunch that had threatened growth in the world's largest economy.
Tomorrow’s market outlook
As expected, US stock market is trading much higher than its previous closing. After lawmakers passed a bill preventing huge tax hikes and spending cuts that threatened to jeopardize economic growth, both Dow Jones and NASDAQ is up by 1.69 % and 2.03 % at present. This will definitely give more positive energy to the Indian stock market.
India's manufacturing activity report shows that it surged to a six-month high in December, boosted by strong factory output and a spike in new orders, both of which hit their highest levels since June. Financial shares will definitely be in the limelight as there is a growing hope that RBI will cut interest rates for the first time since April 2012 when it meets on Jan. 29 for a review.
However, according some fund managers, Indian shares are looking overbought in the near-term after rallying to such heights in 2012. Moreover, ahead of earnings season there would be profit booking in January as corporate may stick to giving cautious future outlook.
Indian equity market traded in positive territory throughout the day. Finally, BSE Sensex opened at 19,693 and closed at 19714.24, up 133.43 points (0.68%) over the previous close. It had earlier touched a day's high of 19756 and a day's low of 19686. It opened at 19693. The broader NSE Nifty rose 0.71 percent, or 42.40 points, to end at 5993.25. The index earlier rose to as high as high as 6,006.05 points, and a low of 5982 points.
Among the 15 BSE sectoral indices, 12 were gainers and only 3 were losers. Oil and Gas, HC, PSU, Power, Realty, Metal, Teck, Oil and Gas, Consumer Durables, Bankex, Capital Goods, Metal, are the gainers. While Realty, IT, FMCG indices are the losers. The BSE Small-Cap index and BSE Mid- Cap index was up by 1%.
RIL, SBI, ICICI Bank, Tata Steel, Hero MotoCorp, Sun Pharma, ICICI Bank, NTPC, Bharti Airtel, Sun Pharma, BHEL, HDFC, ONGC, Dr Reddy’s Lab, Bajaj Auto, Tata Motors, Hindalco Inds, are among gainers in Sensex and Nifty. While, Infosys, TCS, Wipro, Coal India, HUL, M&M were among losers in Sensex and Nifty.
The advance decline ratio was in favour of the bulls. 1766 stocks advanced against 1184 declining stocks. 151 stocks remained unchanged. The total market turnover was at the highest level of Rs 3.92 Lakh crore.
Asian stock markets rose on Wednesday after the US House of Representatives passed a deal to stave off the so-called fiscal cliff. . Hong Kong was up 1.91%, while Singapore gained 1.26% and Seoul rose 1.48%. Financial markets in Japan and China were closed for a public holiday. European shares rose across the board at the start of the new year after US lawmakers approved a deal to prevent a fiscal crunch that had threatened growth in the world's largest economy.
Tomorrow’s market outlook
As expected, US stock market is trading much higher than its previous closing. After lawmakers passed a bill preventing huge tax hikes and spending cuts that threatened to jeopardize economic growth, both Dow Jones and NASDAQ is up by 1.69 % and 2.03 % at present. This will definitely give more positive energy to the Indian stock market.
India's manufacturing activity report shows that it surged to a six-month high in December, boosted by strong factory output and a spike in new orders, both of which hit their highest levels since June. Financial shares will definitely be in the limelight as there is a growing hope that RBI will cut interest rates for the first time since April 2012 when it meets on Jan. 29 for a review.
However, according some fund managers, Indian shares are looking overbought in the near-term after rallying to such heights in 2012. Moreover, ahead of earnings season there would be profit booking in January as corporate may stick to giving cautious future outlook.
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