Kolkata: Has the positive momentum of the aggressive RBI rate cut run its course? Will he US-China trade talks in London infuse new hope? Will investors resort to profit taking after two days of gains, or will they take the cue from the US markets, all of which ended in the green and from the rise of GIFT Nifty on Tuesday morning? That’s the question today.
On Monday, June 9, the Indian market indices began on a strong note on the back of positive global sentiment ahead of US-China trade discussion, strong US jobs data, progress in US-India trade negotiations and the RBI’s lowering of the policy Repo Rate. At close of trade, Sensex 30 was up 256.22 points (0.31%) and stood at 82,445.21, while Nifty 50 recorded a gain of 100.15 points (0.40%) and was at 25,103.20. BSE Mid Cap index rose 1.03% while the Small Cap index increased 1.19%. Barring realty, all other sectors ended higher with IT, oil & gas, power, PSU Bank rising 1% each. Kotak Mahindra (3.19%), Bajaj Finance (2.51%) and Axis Bank (2.06%) were the major gainers. Eternal (1.95%), ICICI Bank (1.68%) and Titan (0.74%) were the major laggards. Of the 4335 stocks trading on BSE, 2798 stocks advanced, 1409 stocks declined while 128 remained unaltered.
Global cues positive
All the three US indices were helped by strong jobs data and hopes for a breakthrough in the US-China trade talks in London to end in the green on June 9. Nasdaq rose 0.33%, S&P500 was up 0.09% and Dow Jones rose 0.33%. All the European major indices FTSE, CAC and DAX, however, ended in the red. On Tuesday morning, GIFT Nifty was trading in the green. Nikkei, Taiwan Weighted, KOSPI and Djakarta Composite were also im the green.
On the rupee front
The Indian rupee rose 2 paise to close at 85.66 against the US dollar on June 9. Robust flow in domestic equities and foreign capital inflows helped the Indian currency against the greenback. But for the rising crude oil prices, the rise could have been higher, traders said. Another point to note is that the rupee gained initially from the RBI rate cut, but it also narrowed down the interest rate differential with global peers.
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The global cues were positive on June 10 including most Asian indices in the green, GIFT Nifty in the green and all three US indices ending in the green on Monday, Tuesday 9. It remains to be seen, whether investors feel an urge for profit taking as markets open for trade today. Markets Business News – Personal Finance News, Share Market News, BSE/NSE News, Stock Exchange News Today
