Nifty edged higher to hit a new all-time high of 7,924.90 amid broad-based gains. BSE Sensex and Nifty advanced for seven out of eight previous sessions amid a fall in global crude prices, strong inflows from foreign investors and higher global markets .
Market analysts are positive on Indian markets in the short term. Phani Sekhar, fund manager at Angel Broking, said in the very short term Indian markets are in a very sweet spot.
However, in the next three to four months, he says, Indian markets fate hinge on a lot of factors. The government needs to follow up on its intent with policy action and US Treasury yields need to be watched after the stimulus program is winded up, Mr Sekhar adds.
At 9:47 a.m., markets were slightly off their day's high. Nifty was up 17 points to 7,908 while Sensex rose 73 points to 26,433.
Among major Nifty gainers, PNB, SBI and Bank of Baroda were up 1.5 per cent to 2 per cent.
United Spirits fell nearly 3 per cent on its exclusion from F&O (Futures and Options) trading with effect from September 19, 2014. The company has not yet submitted its financial results for the Q4 of FY14 and Q1 of FY15. All existing contracts of United Spirits will expire on September 18, 2014. Also, the proposed prohibition measures on liquor in Kerala also weighed on the stock.
Asian shares rose today after upbeat US data sparked another record close on Wall Street.
US home resales rose to a 10-month high in July, factory activity in the mid-Atlantic region hit its highest level since March 2011 in August, and a gauge of future economic activity grew solidly last month.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1 per cent in early trading, on track for a weekly gain of 0.4 per cent. Japan's Nikkei stock average added 0.2 per cent, poised for a robust 1.9 per cent weekly rise. (With Agency Inputs)
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