Market rally to continue on positive global cues
DSIJ Intelligence-3 / 27 Oct 2017
The Indian markets hit yet another record high on the F&O expiry day of Thursday and it is expected to continue its upward move at the opening bell on Friday as cues from the Asian peers are cheerful. The SGX Nifty is trading at 10,389 with gains of 14 points.
The Indian markets hit yet another record high on the F&O expiry day of Thursday and it is expected to continue its upward move at the opening bell on Friday as cues from the Asian peers are cheerful. The SGX Nifty is trading at 10,389 with gains of 14 points.
The stocks of companies like Aditya Birla Fashion and Retail, Canara Bank, Heidelberg Cement India, J&K Bank, ICICI Bank, IOC, ITC, Jubilant Industries, Kaveri Seed Company, Maruti Suzuki India, PVR, Sundaram Finance and Tata Metalik will be in focus today as these companies are expected to announce earnings today.
The Asian stocks rose in early Friday trading. Hong Kong’s Hang Seng has surged 261 points followed by Nikkei 225 and China’s Shanghai Composite which have gained 208 and 9 points, respectively.
Back home, the bull rage continued for the fourth consecutive day as the Nifty for the first time closed above 10,300 mark. The Nifty index gained 48 points to settle at 10,344 and the BSE Sensex gained 105 points to settle at 33,147. Keeping pace with the benchmark indices, the broader market also displayed strong performance with Nifty Mid-Cap surging 0.67% and the Small-Cap gaining 0.56%. The October F&O series ended on a high note.
After trading in positive territory for most part of the trading session on Thursday, the US stocks ended mixed, with the Dow and the S&P 500 closing in the green, while a sell-off in the biotechnology sector weighed on the Nasdaq. The House of Representatives voted to approve a Senate-passed budget resolution, taking a key step towards tax reforms. The Dow Jones Industrial Average gained 71 points to 23,400 and the S&P 500 added 3 points to 2,560. The Nasdaq Composite Index edged down 7 points to 6,557.
The stocks in Europe surged higher on Thursday after the first signs of European stimulus exit were visible when the European Central Bank decided to reduce its monthly bond purchases from next year onwards. The French CAC 40 index rose 1.50%, the German DAX ended higher by 1.39% and the FTSE 100 of the UK added 0.53%.
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