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Robust global cues, healthy FII inflows push equities higher
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SME Times News Bureau | 25 Feb, 2021
Robust global markets, along with healthy foreign fund inflows, aided
India's benchmark equity indices to end higher for the second straight
session on Thursday.
The two key indices had a gap up opening but later remained in a broad positive range.
On
the global front, stocks rose after US Fed Chairman Jerome Powell
reiterated that interest rates would stay low for a long time, soothing
market fears that higher inflation might prompt the central bank to
tighten monetary policy.
In terms of the domestic market, FIIs
remained net buyers. On Wednesday, FIIs pumped in Rs 28,739.17 crore in
BSE, NSE & MSEI in the capital market segment.
Besides, the trade session saw PSUs' continuing to outperform.
Among sectors, metals, realty, media, and PSU banks gained the most while FMCGs fell the most.
Consequently,
the S&P BSE Sensex gained by 257.62 points, or 0.51 per cent, to
51,039.31 points from the previous close of 50,781.69.
It opened at 51,207.61 and touched an intra-day high of 51,386.12 and a low of 50,991.76 points.
The
NSE Nifty50 on the National Stock Exchange closed at 15,097.35, higher
by 115.35 points, or 0.77 per cent, from its previous close.
"Nifty
rose for the second day with an upgap, but did not close at its intra
day highs. In case we see a downgap opening and the gap is not filled
soon, it could mean a near term top for the markets," said Deepak
Jasani, Head of Retail Research at HDFC Securities.
"However the
broader market is in good shape with advance decline ratio being hugely
positive and BSE Smallcap index touching its all time high. On up
moves, Nifty could face resistance at 15,176-15,188 band."
Vinod
Nair, Head of Research at Geojit Financial Services, said: "Domestic
market added strength on yesterday's rally supported by positive F&O
monthly roll-over and robust global market. Small and mid-cap stocks
continued its outperformance over the benchmark indices."
"World
equity market rebound after getting assurance from central banks,
importantly Fed, that good liquidity will be maintained, in spite of
being under pressure of rising inflation, since the economy is still
well below the pre-covid standpoint."
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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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