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Markets maintain gains on global cues, auto stocks rise
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SME Times News Bureau | 16 Sep, 2020
The Indian stock market maintained its gaining streak on the back of positive global cues along with robust buying sentiment.
The
trade session on Wednesday witnessed healthy buying activity across
sectors, especially in IT, healthcare, automobile and realty stocks.
However, power and telecom stocks lost some ground.
Globally,
Asian markets were mixed ahead of the US Fed meet outcome later in the
evening, while European stock markets edged mostly higher helped by
retailers.
Consequently, the BSE Sensex closed at 39,302.85, higher by 258.50 points or 0.66 per cent from its previous close.
The
Nifty50 on the National Stock Exchange ended the day's trade at
11,604.55, higher by 82.75 points, or 0.72 per cent, from the previous
close.
"Indian markets opened marginally higher and remained
rangebound till about noon. Post this, they gradually began to rise,"
said Deepak Jasani, Head of Retail Research, HDFC Securities.
"Reliance
rose with volumes. Traders came back to large caps after enjoying a
two-day rally in the small and mid cap space," he added.
Besides,
Jasani also pointed out that while addressing the Ficci National
Executive Committee meeting, Reserve Bank of India Governor Shaktikanta
Das assured that the central bank is closely monitoring the economic
situation and is prepared to take further measures to prepare the
economy and banking system to fight the Covid-19 pandemic.
"These
reassuring statements helped Nifty to rise towards the recent highs.
The Nifty has moved above the recent resistance of 11,584. Sustaining
above this level could mean more upsides in the near term," he said.
According
to Geojit Financial Services Head of Research Vinod Nair: "Benchmark
indices ended the day with gains, with most sectoral indices
contributing to the gains. However, the continued border tensions and
unabated virus infections limited the gains.
"Global cues were
also positive as participants awaited policy statement from the US FOMC
meeting. Any indication of increased bond-buying will be a positive
trigger for the markets. The markets are expected to be in sync with
global cues on Thursday. The upsides seem to be limited, considering the
lack of fresh domestic triggers for the market."
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Customs Exchange Rates |
Currency |
Import |
Export |
US Dollar
|
66.20
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64.50 |
UK Pound
|
87.50
|
84.65 |
Euro
|
78.25
|
75.65 |
Japanese
Yen |
58.85 |
56.85 |
As on 13 Aug, 2022 |
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