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After two-day of consolidation, equity benchmarks opened higher with the Sensex rising 112.87 points to 26555.68 and the Nifty eyeing 7950 leve, up 29.30 points at 7934.05.
About 732 shares have advanced, 187 shares declined, and 22 shares are unchanged. ICICI Bank, State Bank of India, ONGC, Tata Motors, Bharti Airtel, Dr Reddy's Labs and BHEL gained 1-1.5 percent whereas TCS, Infosys, HUL, GAIL and Wipro fell 0.2-0.6 percent. The Indian rupee opened lower at 60.48 per dollar, down 5 paise compared to previous day's closing value of 60.43 a dollar. The dollar hovered just under a 13-month peak against a basket of major currencies early with the euro still struggling
amid expectations of further policy easing from the European Central Bank.
On the global front, Asia was trading with a positive on the back of positive US markets. The Dow Jones hit an all-time record high with the S&P 500 reclaiming the 2,000 mark to close above it for the first time ever over better-than-expected economic data comprising a surge in orders for durable goods.
Jyotivardhan Jaipuria, Bank of America Merrill Lynch says FIIs continued to invest in India in the June quarter. The strong inflow from the FIIs over the last five years has resulted in the all-time high FII ownership of the Indian market, he adds. “India overweight is at an all-time high for GEM funds and in our view, the consensus bullishness creates the biggest risk to the market. The good news, however, is that domestic mutual funds have seen positive flows and have been buyers post-elections after being net sellers past few months,” says Jaipuria.
After two-day of consolidation, equity benchmarks opened higher with the Sensex rising 112.87 points to 26555.68 and the Nifty eyeing 7950 leve, up 29.30 points at 7934.05.
About 732 shares have advanced, 187 shares declined, and 22 shares are unchanged. ICICI Bank, State Bank of India, ONGC, Tata Motors, Bharti Airtel, Dr Reddy's Labs and BHEL gained 1-1.5 percent whereas TCS, Infosys, HUL, GAIL and Wipro fell 0.2-0.6 percent. The Indian rupee opened lower at 60.48 per dollar, down 5 paise compared to previous day's closing value of 60.43 a dollar. The dollar hovered just under a 13-month peak against a basket of major currencies early with the euro still struggling
amid expectations of further policy easing from the European Central Bank.
On the global front, Asia was trading with a positive on the back of positive US markets. The Dow Jones hit an all-time record high with the S&P 500 reclaiming the 2,000 mark to close above it for the first time ever over better-than-expected economic data comprising a surge in orders for durable goods.
Jyotivardhan Jaipuria, Bank of America Merrill Lynch says FIIs continued to invest in India in the June quarter. The strong inflow from the FIIs over the last five years has resulted in the all-time high FII ownership of the Indian market, he adds. “India overweight is at an all-time high for GEM funds and in our view, the consensus bullishness creates the biggest risk to the market. The good news, however, is that domestic mutual funds have seen positive flows and have been buyers post-elections after being net sellers past few months,” says Jaipuria.
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