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Wednesday, November 9, 2016

Equity Tips

Sensex up 400 pts, Midcap shines; Realty, Metal, PSU Bank lead

Equity benchmarks continued to rally in morning trade with the Sensex surging 350 points, driven by banks, infra, metals and pharma stocks. Short covering and global cues drove the market higher.

The 30-share BSE Sensex was up 349.62 points or 1.28 percent at 27602.15 and the 50-share NSE Nifty gained 116.50 points or 1.38 percent at 8548.50 while the broader markets outperformed.

Nifty Realty index surged 4.5 percent after losing more than 10 percent on black money crackdown. PSU Bank index gained further, up 5 percent while Metal surged 5.5 percent.

The market has opened higher fueled by global market momentum. The Sensex is up 368.97 points or 1.3 percent at 27621.50 and the Nifty is up 114.80 points or 1.4 percent at 8559. About 270 shares have advanced, 25 shares declined, and 3 shares are unchanged.

Sun Pharma, ICICI Bank, Adani Ports and Axis Bank are top gainers, no stock is in red in the Sensex. The Indian rupee opened marginally lower at 66.49 per dollar versus previous close 66.43.

Asian shares rebounded and the dollar firmed after global markets made a remarkable comeback from the shock of Republican Donald Trump's presidential victory, dumping safe-havens for the tempting returns of risk assets.

Analysts were more than a little puzzled by the sharp reversal after global markets plunged initially on Wednesday as Trump swept to power. The Nikkei duly recouped all of Wednesday's 5 percent loss and more to trade up 6 percent.

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