Sensex up 300 pts, Nifty strong; banks, auto, FMCG stocks lead
Equity benchmarks extended rally in morning trade with the Sensex rising over a percent, driven by banks, FMCG and auto stocks and following positive lead from the Wall Street.
The US economic indicator released on Thursday is not strong enough for the Fed to hike rates, believes Geoff Lewis of Manulife Asset Management. "World trade growth is very depressed now; however, yields may be 20-30 basis points higher by the year-end,"
Equity benchmarks rallied sharply with the Nifty reclaiming 8800 level in early trade after two-day consolidation
HDFC Bank, ITC, Tata Motors, Axis Bank, SBI and Maruti gained more than 1 percent whereas HDFC was the only loser on Sensex.
The Indian rupee gained in the early trade. It has opened higher by 16 paise at 66.86 per dollar versus 67.02 Thursday.