Mid-Session: Sensex spikes 347 pts as Fed rate hike hopes fade; rate sensitive stocks up
16/09/2016 12:28
NIFTY Fut : BUY ZONE
BANKNIFTY FUT : BUY ZONE
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The Indian benchmark indices extended rally in late morning deal on Friday, helped by rate sensitive stocks, as investors were buoyed by firm global cues as disappointing US industrial output and retail sales data pared back expectations of a Fed interest rate hike, bolstering risk taking appetite.
At 12:20 PM, the Bombay Stock Exchange bellwether Sensex was at 28760.34, up by 347.45 points or by 1.22 per cent, and the NSE Nifty was at 8843.5, up by 100.95 points or by 1.1 per cent.
A continued loose monetary policy regime in key developed markets also bolstered capital flows into emerging markets such as Asia’s third biggest economy. While the Bank of England on Thursday kept policy unchanged but signaled scope of a further rate cut in November, the Fed will meet next week to decide whether to hike interest rates, while the Bank of Japan could bolster monetary stimulus and slash its key rate deeper into the negative terrain.
On the sectoral front, all the thirteen indices opened in green with auto and oil&gas stocks were leading the gain, adding as much as 1.7 per cent each.
On the global front, Asian stocks bounced back from a six-week low as worries over a September Fed rate hike eased. While markets in China and Hong Kong were closed for holidays, Japan’s Nikkei 225 climbed on reduced expectations of the US central bank hiking interest rates next week.
16/09/2016 12:28
NIFTY Fut : BUY ZONE
BANKNIFTY FUT : BUY ZONE
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The Indian benchmark indices extended rally in late morning deal on Friday, helped by rate sensitive stocks, as investors were buoyed by firm global cues as disappointing US industrial output and retail sales data pared back expectations of a Fed interest rate hike, bolstering risk taking appetite.
At 12:20 PM, the Bombay Stock Exchange bellwether Sensex was at 28760.34, up by 347.45 points or by 1.22 per cent, and the NSE Nifty was at 8843.5, up by 100.95 points or by 1.1 per cent.
A continued loose monetary policy regime in key developed markets also bolstered capital flows into emerging markets such as Asia’s third biggest economy. While the Bank of England on Thursday kept policy unchanged but signaled scope of a further rate cut in November, the Fed will meet next week to decide whether to hike interest rates, while the Bank of Japan could bolster monetary stimulus and slash its key rate deeper into the negative terrain.
On the sectoral front, all the thirteen indices opened in green with auto and oil&gas stocks were leading the gain, adding as much as 1.7 per cent each.
On the global front, Asian stocks bounced back from a six-week low as worries over a September Fed rate hike eased. While markets in China and Hong Kong were closed for holidays, Japan’s Nikkei 225 climbed on reduced expectations of the US central bank hiking interest rates next week.
