The market is surging ahead with major support from banks. The Sensex is up 346.67 points or 1.3 percent at 27662.84, and the Nifty is up 111.90 points or 1.4 percent at 8336.85. About 1547 shares have advanced, 875 shares declined, and 153 shares are unchanged. Axis Bank, ICICI Bank, Tata Motors, SBI and HDFC Bank are top gainers in the Sensex. Among the losers are Bahrti Airtel, Wipro, Reliance and ONGC. The market is taking comfort in a weaker dollar weakened, better monsoons and a more-than-expected hike in minimum support price (MSP), says Ananth Narayan, Standard Chartered Bank. This gives the Reserve Bank enough room to lower its January 2016 CPI estimates, effectively leading to yet another rate cut, he said.
Narayan says the the FDI limit is weighing on the rupee and believes there is a strong case for opening up the limit. Although the dollar has weakedn a bit, Narayan expects RBI intervention to protect dollar/rupee from going down too much. He remains "least bullish" on the rupee and advises against going mega long on the currency.
For Quick Trial – 8962000225 ✔
or mail us here: info@ways2capital.com
or visit http://www.ways2capital.com/
✆ - 0731-6554125 | Toll Free - 1800-3010-2007
0 comments:
Post a Comment