BackWrap-up| Talks of reforms buoys India stocks
Wrap-up| Talks of reforms buoys India stocks
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New Delhi: It’s that kind of day. Even normally staid research heads and fund managers send emailed statements comparing the 2.5% gains in equities on Friday to India’s quarterfinal win against Australia.
But there are other reasons as well. Risk appetite seems to have returned. Fund inflows are slowly trickling in again. Indeed, most global markets have done well this past week. The nuclear crisis seems to have been contained (Read to find out). Allied forces are making some headway in Libya raising hopes of an early end to the crisis there (Read)and consequently, stable oil prices.
In India, the government is making some noise on reforms. Couple of bills such as the one on banking amendment and another on goods and services taxes were tabled in Parliament. (Read for more) Some others such as the pension reforms bill were passed. Even Warren Buffett might have helped with his cheerful statements on the local market. (Read for Buffett’s cheer for India)
And finally, remember that India had underperformed a lot of other developed and emerging markets and some stocks had started to look attractive at those prices. If the market had pared back some gains later in the day, that’s because inflation and higher oil prices still remain key concerns. Read more...
Sensex: 18,815.64, +2.53%
Nifty: 5654.25, +2.3%
Nikkei: 9,536.13, +1.07%
Hang Seng: 23,158.67, +1.06%
MOVERS & SHAKERS
All sectoral indices gained. Buying was the most robust in technology stocks witnessed on news of increased earnings and falling jobless claims in the US. Financials continued to do well on hopes of a credit growth continuing at double digit levels.
BSE IT: 6,344.62, +4.02%
BSE TECK: 3,729.29, +3.49
Financial Technologies soared 7% amid reports that the company’s subsidiary Multi Commodity Exchange (MCX) may get listed on the bourses by September.
TCS stock jumped by 2% after the company signed with Shanghai Rural Commercial Bank to implement core banking solution. Read company’s release...
Bhel gained 2.08% after the company, along with ABB, won a $1.1 billion order from Power Grid Corporation of India Ltd for supplying transmission equipment. Read more...
One of the few to lose out today was Ranbaxy. Investors still appear concerned about Mylan’s suit against the USFDA to block Ranbaxy’s launch of Lipitor. Is the market overreacting?
Infosys: ₹ 3152, +4.9%
Financial Tech: ₹ 822.60, +6.95%
TCS: ₹ 1,118.20, +2.26%
Ranbaxy: ₹ 440.25, -0.81%
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