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MARKETS News :
The Indian Bourses have taken cue from overseas markets and started galloping:
US stocks end higher.
Wall Street rallied in a rocky session on Thursday as beaten-down technology shares gained favour after data showing a surge in the sale of new homes revived faith in the economic recovery even as US jobless claims rose unexpectedly.
The Dow Jones Industrial Average closed up 52.31 points, or 0.20%, to 26,815.44. The S&P 500 gained 9.67 points, or 0.30%, to 3,246.59, and the Nasdaq Composite added 39.28 points, or 0.37%, to 10,672.27.
Asian shares rise
Asian shares rose on Friday after robust US housing data supported a late tech-driven rally on Wall Street, with investors picking up the pieces a day after a broad regional index posted its biggest daily loss in more than three months.
Index of Asia-Pacific shares outside Japan was 0.66% higher in the morning session, after slumping 2.15% a day earlier its biggest daily drop since June 11.
Singapore’s SGX Nifty was up 0.7% :China’s Shanghai Composite index was a little changed, while Hong Kong’s Hang Seng added 0.3%.,South Korea’s KOSPI added 0.5%…, Japan’s Nikkei 225 climbed 0.6%.,Australia’s ASX 200 gained 1.3%.
Market opening
Indian benchmark equity indices opened on a firm footing on Friday tracking gains in global markets. Sensex opened at 36,991.89, up 438.29 points or 1.20%, while Nifty opened 104.85 points or 0.97% higher at 10,910.40.
IndusInd Bank, rising over 2%, was the top Sensex gainer followed by TCS, Bharti Airtel, Bajaj Finance, M&M, Sun Pharma, Axis Bank and Tata Steel. All the shares in the benchmark gauge were in the green.
The markets opened with positive note- a gap opening they call it and it strated gaining momentum all the time till this report is filed.
Some of the shares in limelight today with positive trends are given below for the benefit of investors.
| Nifty futures on the Singapore Exchange traded 176 points down at 7 am (IST) this morning, indicating a major sell ff ahead on Dalal Street. On Wednesday, Nifty50 declined for the fifth trading session and formed a bearish candle with a long wick. The index looked oversold, but analysts are ruling out any strong rebound.
Oil futures fell on Thursday on concerns for economic recovery in US. WTI crude futures fell 36 cents, or 0.9%, to $39.57 a barrel, while Brent crude futures slipped 28 cents, or 0.7%, to $41.49. Rupee vs Dollar appreciated by just one Paisa to close at 73.57 against the US dollar on Wednesday, as investors turned cautious amid weak domestic equities The Dollar extended gains against most of the currencies on Thursday amid worries over economic slowdown slowdown in Europe and the US. The pound traded near its weakest level since late July, while the greenback hit a near nine-week high against the Swiis Franc. The US currency also held on to a 0.4% gain against the yen |
Gold prices in India fell below key psychological level of Rs 50,000 per 10 gm, extending losses to the third day in a row amid a slump in global rates. On MCX, gold futures hit Rs 49,660 at day’s low. Silver futures were down about 3% to Rs 59,429 a kg. In international markets, spot gold prices dropped 0.3% to hti a two-month low at $1,858.39 an ounce.
Sebi eases right issue rules… Sebi has changed the minimum subscription requirement in rights issues, a move aimed at making fundraising easier for companies. The regulator on Wednesday said the mandatory 90% minimum subscription would not be applicable to those issuers where object of the issue involves financing other than financing of capex for a project, provided that the promoters and promoter group of the issuer undertake to subscribe fully to their portion of rights entitlement.
IPO rush on even in a weak market… The initial public offerings of Chemcon Speciality Chemicals and CAMS closed on Wednesday with strong response from investors even as the stock market weakness extended for the third straight day. Bids for Chemcon’s issue were 149 times the shares on offer, making it one of the most subscribed IPOs in last five years. The Rs 2,242 crore IPO of CAMS was subscribed 46.9 times.
Baring accepts higher Hexaware delisting price. Hexaware Technologies will be the first to successfully delist from Indian bourses in two years after a holding company for Baring Private Equity Asia on Wednesday accepted the discovered price of Rs 475 a share against Rs 285 offered initially to minority investors. Hexaware’s public shareholders who have tendered their equity shares at or below the exit price will be paid @ Rs 475. per share.
Investors are advised to track the market news and act accordingly.
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