Equity Tips

header ads

Bank rally lifts markets to three-month high; Sensex, Nifty climb over 7%

The Indian markets on Friday climbed to their highest level in nearly three months, led by sharp gains in banking stocks on optimism that the worst of the bad loan cycle was over.
A rally in global equities amid softening US bond yields and improvement in ties between North Korea and South Korea boosted investor sentiment.
The Sensex gained 256 points, or 0.74 per cent, to close at 34,969, while the broader Nifty closed 74.5 points, or 0.7 per cent, higher at 10,692. Both indices closed at their highest level since February 2 and less than 4 per cent shy of their all-time highs touched in late January. The Sensex and the Nifty also registered their fifth straight weekly advance, during which they climbed over 7 per cent.
The latest rebound in the market has defied headwind such as rising crude oil prices and the weakening rupee against the dollar. The rally has been spurred by domestic institutional investors (DII) buying, while foreign portfolio investors (FPIs) have been largely on the sidelines.
On Friday, FPIs net sold shares worth Rs 7.6 billion, while domestic institutions remained net buyers to the tune of Rs 6.3 billion, the provisional data showed. During the week, when the benchmark indices rose 1.6 per cent, FPIs were net sellers in all five sessions, while DIIs, particularly mutual funds (MFs), were strong buyers.

For more update you can contact us :

CapitalStars Financial Research          Forex trading tips        stock market tips           Share Tips Expert 

Get free trial Click here: http://www.capitalstars.com/free-trial

www.capitalstars.com |T:+91-9977499927 , 07316690000

Post a Comment