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Wednesday, 8 October 2014

Sensex up 300 pts, Nifty reclaims 7900; Hindalco, BHEL zoom


Equity benchmarks rebounded in early trade on Thursday with the Sensex rising 294.82 points or 1.12 percent at 26541.61. The Nifty reclaimed 7900, up 84.50 points or 1.08 percent at 7927.20 post positive US cues. 

The broader markets too saw buying interest with the BSE Midcap and Smallcap indices gaining 1 percent each. About five shares advanced for every share declining on the Bombay Stock Exchange. 

Hindalco topped the buying list, up 4 percent post Alcoa earnings. BHEL surged 3.5 percent on getting Rs 7800 crore EPC order from Tamil Nadu Generation & Distribution Corporation.

 Dr Reddys Labs, ICICI Bank, SBI and DLF were other gainers, up 1.5-2 percent.

The Indian rupee gained in early trade. It has opened higher by 27 paise at 61.13 per dollar against previous close 61.40. 

Mohan Shenoi of Kotak Mahindra Bank said, "Dollar gave back its gains due to reference to dollar strength and its impact on inflation in the FOMC minutes released overnight. This is expected to strengthen rupee today. USD-INR is expected to trade today in a range of 61.10-61.45/dollar.

On the global front, Asian equity markets rose after US indices posted their biggest one-day gain of 2014. Hang Seng, Nikkei, Straits Times and Taiwan Weighted gained 0.2-0.8 percent while Shanghai and Kospi fell 0.4-0.6 percent. 

In the US, stocks ended about 2 percent higher as markets extended gains on the FOMC minutes and recovered from Tuesday's selloff, closing 274.8 points higher; the Dow Jones industrial average had its best day since December 18, 2013. The S&P 500 and the Nasdaq had their best day since nearly a year ago on October 10, 2013.

 And in Europe, shares closed mostly lower, as fears over global growth and the Ebola virus spooked investors. Peripheral markets like Russia, Portugal and Irish markets were all under pressure and ended with cuts of 1.5 percent to 2 percent. 

In the currency space, dollar slipped to near 2-week lows against the euro after minutes of the Federal Reserve policy meet suggested the Central Bank could take its time in raising interest rates. 

In commodities, Brent crude held on the USD 91 level as global growth forecasts have raised new concerns about oil demand. And that too, at a time when US crude inventory levels continue to rise. More information please visit this site www.bigprofitbuzz.com


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