SME Times is powered by   
Search News
Just in:   • NSE named world's largest derivatives exchange for 2020  • Budget to power markets' bull run further  • SEBI approves Future-Reliance deal  • Israel says Covid vax fears 'inaccurate' after many test positive  • OMCs keep petrol, diesel price rise under check on Thursday 
Last updated: 02 Jul, 2020  

BSE.9.Thmb.jpg Global cues push equity markets higher, auto, IT stocks rise

   Top Stories
» Budget to power markets' bull run further
» Food processing sector offers opportunities for exports: Minister
» Barring another Covid wave, the worst is behind India: RBI
» Pent-up demand to curb diamond industry revenue slide
» Centre plans E-portal to sell MSME products: Gadkari
SME Times News Bureau | 02 Jul, 2019
Buoyant global cues along with initial signs of an economic turnaround pushed the key Indian equity indices higher on Thursday.

Market experts cited positive global economic data and encouraging coronavirus vaccine trials combined with onset of timely monsoon as factors that led to the higher trajectory.

Both the 30-scrip Sensitive Index (Sensex) of the S&P BSE and the NSE Nifty50 both made healthy gains.

Sector wise, all sub indices closed in the green with auto and IT making the biggest gains.

The Sensex, which had opened at 35,604 points, ended higher by 429 points or 1.2 per cent to close at 35,844 points.

On Wednesday, the Sensex had closed at 35,414.45 points.

Similarly, the broader 50-scrip Nifty at the National Stock Exchange (NSE) surged 122 points or 1.2 per cent to end at 10,552 points.

The broader market also appreciable gains.

Besides, India VIX cooled down 5.7 per cent to 26.5 levels.

"While there are concerns over rising coronavirus cases and chances of a second round of lockdown, market seems to be factoring in positive macro-economic data, onset of timely monsoon and initial success in vaccine development," said Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services.

"Investors would also keenly watch out for the US employment data, which will come out later today."

Deepak Jasani, Head of Retail Research at HDFC Securities,said: "Technically, with the Nifty moving up further after breaking out of the 10,194-10,410 range on Thursday, the underlying trend remains up."

"The Nifty could move up further once the highs of 10,597 are taken out."

In addition, Vinod Nair, Head of Research at Geojit Financial Services, said: "Indian benchmark indices have sustained their momentum while upsides seem to be limited. Investors are advised to watch out for any signs of trend reversal and keep booking short term profits."

On the currency front, the rupee rose sharply against the US dollar on back of expected dollar inflow of Reliance stake sale to Facebook.

"The quantum is expected to be around $5 billion and more dollar inflow could lead to further appreciation in the rupee. From the US, market participants will be keeping an eye on non-farm payrolls number and better-than-expected economic data could support the dollar that was weighed down in t he last couple of sessions," said Gaurang Somaiyaa, Forex & Bullion Analyst, Motilal Oswal Financial Services.

"We expect the USDINR (Spot) could quote in the range of 74.40 and 75.05."

Print the Page
Add to Favorite
Share this on :

Please comment on this story:
Subject :
(Maximum 1500 characters)  Characters left 1500
Your name:

  Customs Exchange Rates
Currency Import Export
US Dollar
UK Pound
Japanese Yen 58.85 56.85
As on 22 Jan, 2021
  Daily Poll
COVID-19 has directly affected your business
 Can't say
  Commented Stories
» 'Ageing of India's workforce not favourable for strong recovery'(1)
» MSME Budget expectations(1)
» FM to present Budget on Feb 1(1)
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter