Headlines
Short covering, GST expectations buoy equity markets
Mumbai, July 25 Short covering, coupled with expectations of major economic legislation getting parliament's approval, lifted two key Indian indices to their new 11-month intra-day high on Monday.
The two benchmark indices made gains during the mid-afternoon session as healthy buying was witnessed in banking, automobile and consumer durables stocks.
The wider 51-scrip Nifty of the National Stock Exchange (NSE) surged by 80.65 points or 0.94 per cent to 8,621.85 points.
The barometer 30-scrip sensitive index (Sensex) of the BSE, which opened at 27,753.96 points, traded at 28,058.72 points (at 2.15 p.m.) -- up 255.48 points or 0.92 per cent from the previous close at 27,803.24 points.
The Sensex has touched a high of 28,086.87 points and a low of 27,736.51 points during the intra-day trade so far.
The BSE market breadth was skewed in favour of the bulls -- with 1,713 advances and 879 declines.
On Friday, the benchmark indices were lifted by positive domestic cues and continued inflow of foreign funds.
The barometer index rose by 92.72 points or 0.33 per cent, while the NSE Nifty edged up by 31.10 points or 0.37 per cent.
Initially on Monday, the benchmark indices opened on a flat-to-positive note, in sync with their Asian peers.
Besides, the equity markets were pushed up by higher European indices, healthy quarterly earnings and above average monsoon rain falls.
In addition, hopes on the passage of the GST (Goods and Services Tax) Bill during parliament's ongoing monsoon session supported prices.
Further, investors' expect US Fed to maintain its key lending rates during the upcoming FOMC (Federal Open Market Committee) meet.
A hike in the US interest rates can potentially lead FPIs (Foreign Portfolio Investors) away from emerging markets such as India.
"Influx of liquidity has triggered short covering which pushed up prices," Anand James, Chief Market Strategist at Geojit BNP Paribas Financial Services, told IANS.
"Investors are hopeful of a breakthrough on the GST bill issue and the passage of the bill."
According to Dhruv Desai, Director and Chief Operating Officer of Tradebulls,
Nifty traded on a firm note owing to fresh buying support.
"IT and banking sector stocks recovered well from lower levels. Most sugar sector stocks traded firm on strong fundamentals. Biocon continued its upswing on healthy quarterly results," Desai noted.
5 hours ago
U.S. forces withdraw 17 of 20 American medical personnel from Gaza
5 hours ago
Beijing responds to US warnings about its assistance for Russia by claiming military collusion with Taipei.
5 hours ago
Coalition unites in fight against hate crimes; Hindu American Foundation joins
5 hours ago
Sanket Jayshukh Bulsara, an Indian-American, has been confirmed as a district judge by Senator Schumer.
5 hours ago
Nature lovers are invited by the Indian mission in New York to visit Chilika Lake in Odisha.
6 hours ago
White House Praises India’s Vibrant Democracy Amid Recent Diplomatic Dialogue
6 hours ago
'Taarak Mehta' star Deepti Sadhwani shines in thigh-high slit gold sequin gown at Cannes
6 hours ago
Janhvi Kapoor showers praise on 'Superstar Singer 3' contestant's 'Tumse Milke Dil Ka' act
6 hours ago
Farah Khan reveals her children are huge fans of 'Chhota Bheem'
6 hours ago
Cotton t-shirts, shorts, sneakers are Pooja Hegde's summer choices
6 hours ago
Puneet Issar took help of his son for shooting virtually from Seattle for 'Vanshaj'
6 hours ago
Influencer Aastha Shah flaunts her vitiligo on Cannes red carpet
6 hours ago
India to contribute about 30 pc of global GDP growth between 2035-2040: Amitabh Kant