New Document top_band
 
Business Standard

Sensex zooms 439 pts on GAAR relief, EU deal

Read more on:    Gaar | Fiis | Sensex | Nifty | Eu Summit | Manmohan Singh | Raamdeo Agrawal
Related News

The stock markets surged over two per cent on Friday on heavy buying from foreign investors after the government soothed their nerves by proposing the General Anti-Avoidance Rules (GAAR) would not apply retrospectively. A surprise deal by Euro zone leaders to support struggling banks also sparked a ‘risk-on; rally, which saw global stocks and the euro surge against the dollar.

According to provisional data, foreign institutional investors (FIIs) on Friday purchased stocks worth more than Rs 3,000 crore. Healthy portfolio flows saw the Bombay Stock Exchange (BSE) benchmark, Sensex, rally nearly 440 points, the most this year, while the domestic currency, too, gained the most this year — over two per cent — to 55.63 against the greenback.

The 30-share jumped 439.22 points, or 2.59 per cent, to 17,429.88, to post its four weeks of gains. Meanwhile, the 50-share gained 129.75 points, or 2.52 per cent, to 5,278.90, its highest close in more than two months. The two indices added over 7.5 per cent this month, their biggest monthly gain since January.

Even as expectations from the were muted, European leaders surprised the markets by pledging $150 billion to boost growth. They also announced an emergency aid to help crisis-hit Italy and Spain. Most Asian markets closed more than one per cent higher, while major indices in Europe gained over two per cent in opening trade.

Market experts added that the sentiment in the Indian market had turned better after Prime Minister took charge of the finance ministry.

“The PM’s statement to revive economic growth has worked wonders. The sentiment has changed now. I hope this will be followed by concrete steps,” said Motilal Oswal Financial Services Joint Managing Director Raamdeo Agrawal.

Leading foreign brokerage Morgan Stanley upgraded the Indian market to ‘equalweight’ from ‘underweight’ for the first time in more than five quarters.

The overall market breadth was strong on Friday as there were more than two advancing stocks for each declining one.

All BSE sectoral indices rose at least one per cent on Friday. Each of the high-beta sectors like capital goods, power, banking and metal rose over three per cent. ICICI Bank, ITC and RIL contributed the most to the rally.

Read more on:   
|
|
|
|
|
|

Read More

Agri Min proposes Rs 170/quintal hike in paddy MSP

In view of rising farm input costs, the Agriculture Ministry has proposed a Rs 170 per quintal increase in the minimum support price (MSP) of paddy ...

Quick Links

 

Market News

Stock picking by institutional investors

India's benchmark indices rose about 14 per cent during the April-June period, the best quarterly gain since September 2009. Foreign investors ...

Offshore India funds, ETFs see $294-million inflows in Apr-Jun

There was an outflow of $1 billion during the quarter and a net infusion of $1.29 billion into offshore funds and ETFs

F&O expiry: Nifty ends 70 points lower at 7,721

Markets ended lower following expiry of July F&O contracts and sales by foreign funds

Five takeaways from HCL Technologies numbers

What the profit numbers do not reflect, however, is the huge order wins by the company during the quarter

Indoco Remedies zooms over 30% in two-days on strong Q1 earnings

The stock surged 17% to Rs 256, extending its previous day's 14% rally on the National Stock Exchange.

Back to Top