3:30 pm: Indian benchmarks surged to fresh record
highs at Friday close with a 0.3 percent gain, with the Nifty rising 32 points
to 8,389 while the Sensex climbed 102 points to 28,046.
High-beta shares led the gains through the day, with stocks of real estate,
metals, chemicals and oil & gas rising 2.2 percent, 2.2 percent, 1.7
percent and 1.1 percent, respectively. While defensive sectors such as
pharmaceuticals and consumer durables closing in the red (down 1.2 percent and
0.4 percent, respectively).
Among individual stocks, top gainers for the day included Hindalco, GAIL,
SBI and Tata Steel (up between 2.3 and 3.7 percent) while losers were pharma
firms Sun, Cipla and Dr Reddy's lost 1.2 to 2.5 percent.
Equities were boosted by gains in US and Asian markets earlier in the day,
even as wholesale inflation fell to a multi-year low to 1.77 percent, which
spawned further hopes the central bank may consider easing interest rates
sooner rather than later.
Friday was also the last day of what has largely been a satisfactory
second-quarter earnings season.
3:00pm: The Sensex is up 120.59 points at 28061.23, and the
Nifty up 31.85 points at 8389.70. About 1549 shares have advanced, 1418 shares
declined, and 116 shares are unchanged. The realty index is up 2.5 percent.
Meanwhile, Sukumar Rajah, Templeton Asset Management is bullish on Indian
equities and finds the Indian market attractive for long-term investors.
Speaking to CNBC-TV18, he said going ahead returns of market will depend on
earnings growth of India Inc. He foresees revenue growth of Indian companies to
be over 15 percent in next five years.
Rajah is overweight on financials, industrial and consumer
discretionaries.
2:30 pm: India would have the fastest economic expansion
among Asian countries and its gross domestic product is expected to grow by 6.3
percent in 2015, according to Morgan Stanley forecasts of global economies. The
Indian rupee's exchange rate to USD would be at Rs 62.2 by end of next year
compared to Rs 62 in the current quarter (Q4 this year), according to a
presentation made at the Morgan Stanley's Annual Asia Pacific Summit held here
from November 12-14 said.
It is seen at Rs 62.5 in the first two quarters of next year and Rs 62.3 in
the third quarter of next year. Comparative to other Asian GDP growths, India
would have the fastest economic expansion, it said. More information please
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