Markets rally on strong global cues
Shrikant / 01 Dec 2011
Asian indices are also going strong with Hang Seng up by over 1000 points or 5.85 per cent.
Overnight, Federal Reserve and 5 other central banks moved in to help European banks hit hard by the debt crisis. Also, UK, Japan and Switzerland agreed to reduce the cost of dollar financing through swap arrangements. The Chinese central bank has also decided to cut the reserve ratio, adding further to the cheer. These actions have created a positive sentiment in the markets across the world.
Among the sectoral indices, Metals are up by over 4.66 per cent. Bankex, which was severely hit by recent remarks by credit rating agencies, is now trading up by 4.54 per cent. Other interest rate sensitive indices such as realty and auto are also witnessing a good momentum. Power index is trading up by 2.54 per cent.
Also, more than 30 stocks on the BSE are trading up by over 10 per cent each. GMR Infra has also gained over 8 per cent.
Reliance Infrastructure, Tulip Telecom and JSL Stainless are trading in the green zone.
The market breadth, indicating the overall health of the market, is absolutely positive. Out of total 2324 stocks 1862 stocks advanced, while 403 stocks declined. A total 59 stocks remained unchanged
But the bad is not all over. Investors should take note of the dismal GDP numbers, which is a warning sign for the Indian economy. We however expect the day to remain positive.
| Benchmark Indices | ||
| Index | Rate | % Change |
| Hang Seng | 19,041.36 | 5.85% |
| Nikkei | 8,629.94 | 2.32% |
| Shanghai | 2,411.53 | 3.35% |
| SENSEX | 16,607.96 | 3.00% |
| NIFTY | 4,966.95 | 2.79% |
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