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Sensex Rallies Over 200 Points, Nifty Above 15,700; Financial Stocks Firm

By Administrator_India

Capital Sands

The domestic stock markets have opened in the green on the back of positive global cues. The Dow Jones rose on Friday and Asian shares are enjoying a relief rally in early trades. At 9:20 am, the BSE Sensex was trading at 52,616.20, higher by 225.87 points or 0.46 per cent and the NSE Nifty was at 15,767.50, up 75.20 points or 0.47 per cent. The broader markets are also trading firm, with the BSE Midcap index and BSE Smallcap index gaining 0.6 per cent and 0.9 per cent respectively.

Asian shares were trading in the green on Monday as record highs on Wall Street and policy easing in China helped calm some of the recent jitters on global growth.

Japan’s Nikkei bounced 1.9 per cent, and away from a two-month trough touched on Friday, while South Korea added 0.6 per cent. Nasdaq futures rose 0.1 per cent and S&P 500 futures were a fraction firmer.

The three major US stock indexes rallied to record closing highs on Friday as financials and other economically focused sectors rebounded after a selloff sparked by growth worries earlier in the week. The Dow Jones rose 1.3 per cent, the S&P 500 gained 1.12 per cent and Nasdaq Composite added 0.96 per cent.

On the earnings front, HFCL, HMT, Steel Strips Wheels, Amit Securities and Dr Lalchandani Labs will release their quarterly earnings on July 12.

And with regard to key economic data, the IIP and CPI inflation data will be announced during the day.

On Friday, the BSE Sensex had cracked 182.75 points and Nifty had declined 38.10 points.

On the stock-specific front, Ultratech Cement has zoomed nearly 2 per cent to ₹ 7032.45 to top the gainers list on the BSE. Select financial stocks are also going strong, with ICICI Bank, IndusInd Bank, Axis Bank, Kotak Mahindra Bank and SBI gaining 1-2 per cent each on the BSE.

On the other hand, Bajaj Finserv, HDFC Bank and Dr Reddy’s have lost around half a per cent each on the BSE.

The BSE market breadth is strong. Out of 2,750 stocks traded on the BSE, there are 2,070 advancing stocks as against 562 declines.

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