Sensex on firm footing; Auto, Bankex surge
16/09/2016 10:33
NIFTY Fut : BUY ZONE
BANKNIFTY FUT : BUY ZONE
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The key domestic benchmark indices continued to trade firm during the morning trading session amid firm cues from Asia and overnight gains on Wall Street, after weak US retail sales data dimmed the prospects of a rate hike by the US Federal Reserve at its meeting later this month.
At 10:25 hours, the 30-share benchmark index was trading at 28733.21 up by 320.32 points or by 1.13 per cent, while the NSE Nifty was at 8829.45 up by 86.9 points or by 0.99 per cent.
Traders were getting some support with report that Prime Minister Narendra Modi targeting to roll out the ambitious GST on April 1 next year, has directed that all steps required in this direction should be completed before that date. He has also said that GST Council would need to have intensive meetings to be able to make timely recommendations relating to its mandate.
Further, 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.
16/09/2016 10:33
NIFTY Fut : BUY ZONE
BANKNIFTY FUT : BUY ZONE
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The key domestic benchmark indices continued to trade firm during the morning trading session amid firm cues from Asia and overnight gains on Wall Street, after weak US retail sales data dimmed the prospects of a rate hike by the US Federal Reserve at its meeting later this month.
At 10:25 hours, the 30-share benchmark index was trading at 28733.21 up by 320.32 points or by 1.13 per cent, while the NSE Nifty was at 8829.45 up by 86.9 points or by 0.99 per cent.
Traders were getting some support with report that Prime Minister Narendra Modi targeting to roll out the ambitious GST on April 1 next year, has directed that all steps required in this direction should be completed before that date. He has also said that GST Council would need to have intensive meetings to be able to make timely recommendations relating to its mandate.
Further, 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.
