MUMBAI: Equities gained more ground as investor optimism increased looking at the advances in global markets. Thursday’s dip also offered good buying opportunity to buy at attractive prices. “The sharp reduction in the open interest indicates that the venom has been flushed out of the system and traders at Dalal Street may be ready to tango with the rest of the global markets. This is the first time in two years that the open interest has fallen below the level with which the series began,” said Anagram Stock Broking in a note.
“For the immediate term, things look rosy in which our market could recoup some 1000 points more from the occupying bears,” the note added. Banking and power stocks were the biggest beneficiaries of the rally adding over 5 per cent to their respective sectoral indices on the BSE.
At 11:15 am, the Bombay Stock Exchange’s Sensex was up 738 points or 4.28 per cent at 17,959.52, briefly touching a high of 18,025.94 after opening at 17,504. The 30-share index saw no losers. The biggest gainers were Reliance Energy (up 9.33%), ONGC (8.55%), ICICI Bank (7.44%), Mahindra & Mahindra (6.33%) and Bajaj Auto (5.57%).
The National Stock Exchange’s Nifty was at 5273.95, higher by 241 points or 4.78. The index touched a high of 5294.10 and low of 5035.05, with all 50 shares posting gains.
Stocks rallied across the globe on better than expected corporate results in the US and after lawmakers agreed on a plan to pay tax rebates to families. The news appeased investors, not only in the US, but in Asia aswell, on expectations consumer spending will not decrease. Key US indices ended about a per cent higher, and Asia followed suit. The Nikkei was up 3.33 per cent, the Hang Seng added 5.33 per cent and the Straits Times increased by 2.66 per cent.
“For the immediate term, things look rosy in which our market could recoup some 1000 points more from the occupying bears,” the note added. Banking and power stocks were the biggest beneficiaries of the rally adding over 5 per cent to their respective sectoral indices on the BSE.
At 11:15 am, the Bombay Stock Exchange’s Sensex was up 738 points or 4.28 per cent at 17,959.52, briefly touching a high of 18,025.94 after opening at 17,504. The 30-share index saw no losers. The biggest gainers were Reliance Energy (up 9.33%), ONGC (8.55%), ICICI Bank (7.44%), Mahindra & Mahindra (6.33%) and Bajaj Auto (5.57%).
The National Stock Exchange’s Nifty was at 5273.95, higher by 241 points or 4.78. The index touched a high of 5294.10 and low of 5035.05, with all 50 shares posting gains.
Stocks rallied across the globe on better than expected corporate results in the US and after lawmakers agreed on a plan to pay tax rebates to families. The news appeased investors, not only in the US, but in Asia aswell, on expectations consumer spending will not decrease. Key US indices ended about a per cent higher, and Asia followed suit. The Nikkei was up 3.33 per cent, the Hang Seng added 5.33 per cent and the Straits Times increased by 2.66 per cent.
No comments:
Post a Comment