Market Live: Nifty climbs above its record closing high, Sensex rises 100 pts
The 30-share BSE Sensex was up 102.83 points at 29,634.26 and the 50-share NSE Nifty gained 24.70 points at 9,168.50.
More than three shares advanced for every share falling on the BSE.
SBI extended gains, rising 1.6 percent followed by Reliance Industries, ITC, L&T and HDFC Bank.
9:45 am FII View: Simon Weaver of Morgan Stanley says portfolio flows in a subset of emerging markets countries have been surging, with inflows totalling USD 26.6 billion in 2017 so far.
Equity has driven this trend, seeing 60 percent of the total inflows, he adds.
Simon says, however, debt has also seen strong inflows, amounting to USD 10.8 billion.
In terms of countries, Taiwan, Korea and India have been the primary drivers of equity inflows while Mexico and India have driven most of the debt inflows, he adds.
9:29 am Buzzing: Shares of Navneet Education was up more than 12 percent intraday as investors cheered the positive brokerage view on the stock.
Motilal Oswal initiated coverage with a buy call and a target price of Rs 210 on the stock. The brokerage house believes that it is well poised to gain market share in the growing CBSE market. Change of syllabus provides strong growth triggers over two years.
In terms of market positioning, it feels that Navneet dominates the market for supplementary educational material and this domineering position makes it a key beneficiary.
Also read – Buy, sell, hold: These 3 stocks are on analysts’ radar today
9:15 am Market Check: Equity benchmarks started off trade on a flat note Thursday ahead of expiry of March futures & options contracts. However, the broader markets outperformed benchmarks.
The 30-share BSE Sensex was up 39.50 points at 29,570.93 and the 50-share NSE Nifty gained 3.65 points at 9,147.45. About 824 shares advanced against 244 declining shares on the BSE.
SBI, Reliance Industries, Hero Motocorp, Adani Ports, BHEL, Bank of Baroda and IndusInd Bank were early gainers while Axis Bank, Tata Motors, Bharti Airtel, M&M, TCS, HCL Tech and Bharti Infratel were losers.
The Indian rupee extended gains today, opening at 64.87 against the US dollar, up 3 paise over 64.90 level in previous session.
Mohan Shenoi of Kotak Mahindra Bank says macro data emanating from US continues to be robust keeping the dollar strength intact. The rupee is resilient on the back of FII flows into bonds and equity, he adds.
He expects the USD-INR to trade in a range of 64.80-65.10/dollar for the day.
The dollar hovered near a one-week high against a basket of currencies, buoyed by a weaker euro which sagged as prospects of the European Central Bank stepping away from monetary easing faded.
Asian shares fell after a mixed start, amid uncertainty over the UK’s exit from the European Union, as the dollar strengthened and crude oil prices slipped.
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