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Strong buying in HDFC, RIL, Infosys powering markets
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SME Times News Bureau | 08 Nov, 2019
Indian markets have now surpassed the pre-budget levels on the back of
heavyweight scrips like Reliance Industries, HDFC twins, Infosys and
SBI. Along with these scrips, the other beaten down stocks have
propelled the S&P BSE Sensex to new record highs.
After
almost 10 per cent decline over growth concerns and unpopular taxes
introduced in the Union Budget, big-ticket government measures to combat
slowdown like a sharp corporate tax cuts, at least the markets, if not
the economy seems to be on the road to recovery.
However, analysts also say that unlike the past few rallies this, is a broad-based one.
According
to Shrikant Chouhan, Senior Vice-President, Equity Technical Research,
Kotak Securities said leaders of the rally are: HDFC twins, Reliance
Industries, Bajaj twins, Maruti Suzuki ,Infosys, SBI, ICICI bank, TCS
and BPCL, Britannia and Hindustan Unilever are the key driver and will
continue to attract investment.
"In the last 10-days, around 8-10
heavyweights stocks of Sensex have been the major drivers of the
market's up-move, these include stocks like SBI, Tata Motors which have
gained on the back of healthy quarterly results," Motilal Oswal
Financial Services Private Retail Research Head Siddhartha Khemka said.
"Even,
the Mid-caps have started to perform well in the last one and a half
months and in particular the last 10 days. There has also been a broad
based inflow of foreign funds as well," Khemka said.
Positive
cues from both global as well as domestic markets have helped the
markets move up higher. On the global front, sentiment got a boost after
the news that the US and China have agreed to proportionally roll back
tariffs on each other's goods in phases.
"The rally in the last
two month has been broad based with strong performance from large, mid
and small cap. It has been due to positive signs on earnings growth from
Q2FY20 due to cut in corporate tax, reduction in raw material cost and
better results of the banking sector," said Vinod Nair, Head of
Research, Geojit Financial Services.
Nair added that it is
providing a hope that earnings growth will expand further from h2fy20
due to reforms, government stimulus, improvement in global economy,
monsoon and cut in interest rate. Valuation are back to premium level
which could have some impact in the short term but outlook for equity
market has improved a lot for long term gains.
On the domestic
front, the measures announced by the Finance Minister yesterday helped
revive interest in real estate related companies as well as finance
companies with exposure in real estate, including some of the housing
finance stocks.
On expected lines, the government has been
consistently following up with measures to revive the economic growth,
which we believe would be positive in the long term, experts said.
Other
factors are also encouraging, like strong FII buying interest, better
than expected quarterly results and expectations of further stimulus
from the government, experts noted.
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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66.20
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64.50 |
UK Pound
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87.50
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84.65 |
Euro
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78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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