Indices up for fifth straight day

Positive momentum continued in the equity markets, with benchmark indices closing with gains for the fifth consecutive day. The BSE Sensex also touched its all-time high of 40,392.22 points before correcting to close at 40,129.05 , up 77 points or 0.19%, on Thursday. The top gainers in the Sensex pack included Yes Bank up 24.3%, SBI (7.69%), Infosys (3.79%), Tata Motors (3.4%) and Bharti Airtel (1.63%). The NSE Nifty also closed higher at 11,877.45, up 33.35 points or 0.28%. “Along expected lines, the benchmark indices are inching upwards on attractive equity yields, in a falling interest rate environment. A bearish outlook for oil and commodities in general, monsoon onslaught at its fag-end and government’s intent on less government in business, are offering strength to Indian equities.” said Amar Ambani, head of research, Institutional Equities, Yes Securities. “However, we still opine that the broader market is in a consolidation phase that began in 2018 and may likely last till mid-2020. Our one-year target for Nifty is placed at 12,330,” he added. Manav Chopra, head of research, Equity, Indiabulls Ventures, said, “ Index has been trending hard for the past few sessions. Market breadth has been the focal point as mid and small caps join the party. We continue with our bullish stance and believe index is headed for new highs soon. 11,600 is the immediate downside support.” Commenting on the market Sanjiv Bhasin, director, IIFL Securities said, “We are in a bull market. The economy is coming back on track and we are clearly overdone on consumption pessimism. The cut in tax rate is also boosting market sentiment. And with its ambitious disinvestment plan, the government has set the cat among the pigeons,” Naveen Kulkarni, head of research, Reliance Securities, said the market is clearly in a ‘positive set-up’, with the festive season seeing improved demand and corporate tax cut providing the much-needed earnings boost. “Considering there is likely sequential movement and earnings viability, we believe market will continue to trend upwards.” he said.

Source : https://www.thehindu.com/todays-paper/tp-business/indices-up-for-fifth-straight-day/article29848322.ece

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