Thursday 16 July 2015

Alliance Research — Sensex, Nifty, Midcap strong; Axis Bank, Tech Mahindra lead

The broader markets, too, gained strength. The BSE Midcap and Smallcap indices rose 0.9 percent and 0.6 percent, respectively. About 1387 shares have advanced, 991 shares declined, and 148 shares are unchanged on the Bombay Stock Exchange.

The market continued to see buying interest in noon trade. The Sensex gained 134 points at 28332.29 and the Nifty advanced 43.60 points to 8567.40, supported by banking & financials, auto and pharma stocks. The broader markets, too, gained strength. The BSE Midcap and Smallcap indices rose 0.9 percent and 0.6 percent, respectively. About 1387 shares have advanced, 991 shares declined, and 148 shares are unchanged on the Bombay Stock Exchange. Tech Mahindra and BPCL rallied more than 2 percent. HDFC, Kotak Mahindra Bank, HDFC Bank, Reliance Industries and Sun Pharma gained 0.8-1.8 percent. However, M&M, Vedanta, Hindalco, Wipro, Hero Motocorp, NMDC and Bank of Baroda declined 0.6-1 percent. Axis Bank surged 2.8 percent and Yes Bank gained 1 percent. The cabinet today is expected to clear a proposal to do away with the distinction between different types of foreign investments through a composite cap on all kinds of FDI investments The rally in bank stocks may be on hopes of some relief for distressed steel companies. Sources told CNBC-TV18 that banking secretary has asked steel ministry to consider an effective anti-dumping duty and levy of appropriate duties. Pipavav Defence surged 6 percent after Anil Ambani said the company will invest an additional Rs 5,000 crore over next few years towards indigenisation and that it will develop “combat management systems” for future naval vessels. Globally, Asian markets remained steady as Greek parliament voted in favour of a new bailout plan. European markets, too, are expected to open higher. Dollar index rose above the 97 mark on expectations of a rate hike in US as early as September.
For More Detail Visit Our SIte – http://www.allianceresearch.in/

No comments:

Post a Comment