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Wednesday, September 21, 2016

Equity Tips

Sensex, Nifty up 1%; RIL, Maruti, Eicher, HDFC Bank at 1-yr high

The market remained strong with the Nifty trading above 8850, though it came off day's high, after the Federal Reserve kept rates unchanged but hinted for likely rate hike in December policy meeting. Banks, oil and FMCG stocks were leaders.

The Sensex was up 282.69 points or 0.99 percent at 28790.11 and the Nifty gained 88.25 points or 1.01 percent at 8865.40. The broader markets climbed nearly 1 percent on positive breadth as more than three shares advanced for every share falling on the exchange.

Reliance Industries, HDFC Bank, Maruti Suzuki and Eicher Motors hit fresh 52-week high today, rising 1.5-2 percent.

The market seems to be on fire after the Federal Reserve left US rates unchanged and plotted a lower trajectory for future hikes. The Sensex is up 323.91 points or 1.1 percent at 28831.33 and the Nifty is up 107.10 points or 1.2 percent at 8884.25. About 924 shares have advanced, 99 shares declined, and 32 shares are unchanged.

ICICI Bank, Hero MotoCorp, SBI, Axis Bank and Maruti Suzuki are top gainers while Dr Reddy's Labs and Infosys. The Indian rupee gained in early trade on Thursday. It has opened higher by 16 paise at 66.86 per dollar versus 67.02 Wednesday.

The US dollar extended losses against a basket of major currencies after the US Federal Reserve left monetary policy unchanged and projected a less aggressive rise of interest rates in coming years.

Asian shares look set to rise for a sixth straight session. While Tokyo was on holiday on Thursday, stocks were boosted on Wednesday by the Bank of Japan's shift to targeting a positive yield curve, a move that was considered bullish for banks, insurers and pension funds.

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