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Faster GDP recovery, healthy fund flows lift markets
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SME Times News Bureau | 01 Dec, 2020
Better-than-expected recovery in Q2FY21 GDP, along with healthy GST
collection numbers as well as in-line automobile sales' figures, pushed
the Indian equity markets higher on Tuesday.
Besides, healthy foreign fund inflows too lifted the markets higher.
Data regarding FII and FPI trading activity on BSE, NSE & MSEI in Capital Market Segment showed Rs 3,242 crore flowing in.
Globally,
Asia-Pacific and European markets rose on the back of encouraging
Chinese factory data prompted investors to look ahead to a global
economic recovery.
Back home, consistent FII inflow along with
hopes of accelerated development and roll-out of an anti-Covid-vaccine
supported the market's northward trajectory.
Among sectors, realty and PSU banks, IT, pharma, media and metals' stocks rallied.
The Nifty50 on the National Stock Exchange (NSE) gained 140.10 points, or 1.08 per cent, to close at 13,109.05 points.
The S&P BSE Sensex ended at 44,655.44 points, up 505.72 points, or 1.15 per cent, from its previous closing.
"Nifty
is not very far from its recent all-time high of 13,146 and going by
the recent momentum it does not look tough for the Nifty to touch or
breach it," said Deepak Jasani, Head of Retail Research at HDFC
Securities.
"On falls, 12,987 could provide support. We are
seeing stocks that have underperformed so far coming into favour and
this rotation continues."
Siddhartha Khemka, Head - Retail
Research, Motilal Oswal Financial Services said: "Indian equity market
resumed its upward journey on the first day of December after ending
November on a strong note."
"Nifty finished November with 11.5
per cent gains - its second best monthly performance this year - led by
record FII inflows and progress on Covid-19 vaccines. Going ahead, the
overall structure of the market remains positive, but intermittent
profit booking cannot be ruled out given the sharp rally in the past few
weeks."
"On the domestic side, market is likely to continue its
positive momentum for some more time. Auto companies reported in-line
sales numbers for November. Banks and financial stocks would be in focus
ahead of RBI's monetary policy scheduled on Friday."
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
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84.35
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82.60 |
UK Pound
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106.35
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102.90 |
Euro
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92.50
|
89.35 |
Japanese
Yen |
55.05 |
53.40 |
As on 12 Oct, 2024 |
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