The BSE Sensex saw strong gains Friday on the back of positive global
cues and the government's decision to stick to its planned borrowing
target for the year. The broader Nifty jumped past the 5,700 mark and
traded at the highest level since July 2011. The rupee, too, hit near
five-month high bolstering sentiments on the Street.
On Thursday, the government said it will not borrow more via bonds underlining its will to curb fiscal deficit and avoid a credit ratings downgrade.
At 12.21 p.m., the Sensex traded 265 points higher at 18,844 while the Nifty advanced 78 points to 5,727.
"This market is headed for much higher levels... the rupee is trading above its 200 day moving average... targets of 5,900-5,950 are possible on the Nifty," independent analyst Sarvendra Srivastava said.
All groups of stocks traded higher on the BSE. High beta metal and realty and auto stocks jumped more than 2 per cent. On the Nifty, 48 of the 50 stocks traded higher.
Commercial vehicles maker Tata Motors was the top gainer, rising 4.5 per cent. Energy utility Tata Power shares also saw strong buying interest and traded 4 per cent higher.
Private steel maker JSPL, aluminium maker Hindalco, infra and cement maker Jaiprakash Associates, realty major DLF, and Tata Steel were the other stocks to witness over 3 per cent gains on the Nifty.
Drug makers saw selling pressure after the Group of Ministers (GoM) recommended revised pricing mechanism under New Pharma Pricing Policy yesterday, which suggests that the pricing cuts are worse than expected.
Among other stocks, Kingfisher Airlines was locked down after falling 5 per cent after promoter Vijay Mallya said that the United Breweries Group will be not use proceeds from a possible stake sale in United Spirits to infuse funds into the debt laden carrier. Other group stocks also traded lower today.
The market breadth was strong with nearly 90 per cent stocks rising on the broader BSE 500.
Asian shares saw gains on hope that economic reform and budget plans unveiled by Spain will help the debt-saddled nation manage its debt imbalances.
On Thursday, the government said it will not borrow more via bonds underlining its will to curb fiscal deficit and avoid a credit ratings downgrade.
At 12.21 p.m., the Sensex traded 265 points higher at 18,844 while the Nifty advanced 78 points to 5,727.
"This market is headed for much higher levels... the rupee is trading above its 200 day moving average... targets of 5,900-5,950 are possible on the Nifty," independent analyst Sarvendra Srivastava said.
All groups of stocks traded higher on the BSE. High beta metal and realty and auto stocks jumped more than 2 per cent. On the Nifty, 48 of the 50 stocks traded higher.
Commercial vehicles maker Tata Motors was the top gainer, rising 4.5 per cent. Energy utility Tata Power shares also saw strong buying interest and traded 4 per cent higher.
Private steel maker JSPL, aluminium maker Hindalco, infra and cement maker Jaiprakash Associates, realty major DLF, and Tata Steel were the other stocks to witness over 3 per cent gains on the Nifty.
Drug makers saw selling pressure after the Group of Ministers (GoM) recommended revised pricing mechanism under New Pharma Pricing Policy yesterday, which suggests that the pricing cuts are worse than expected.
Among other stocks, Kingfisher Airlines was locked down after falling 5 per cent after promoter Vijay Mallya said that the United Breweries Group will be not use proceeds from a possible stake sale in United Spirits to infuse funds into the debt laden carrier. Other group stocks also traded lower today.
The market breadth was strong with nearly 90 per cent stocks rising on the broader BSE 500.
Asian shares saw gains on hope that economic reform and budget plans unveiled by Spain will help the debt-saddled nation manage its debt imbalances.
Today Nifty open at 6,274.25 with the gain of +107.60 (1.74%) point.Please provide some stop loss tips for this share price
ReplyDeleteStock Tips
Nifty Market is fluctuating more these days. You have here given a great report on it so anybody can easily knows about the future fundamentals about it.Thanks for sharing here.
ReplyDeleteThe Nifty was at 7,935.80 up 31.05 points or 0.39 per cent. It touched an intraday high of 7,946.85 and a low of 7,924.30 in trade today.
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