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Nifty has strong hurdle at 8300 and it has almost reached to that mark. From here on, banking holds the key for further up move else consolidation will set in again.”Jayant Manglik, president (retail distribution), Religare Securities wrote in a note.
Rupee sovereign notes, emerging Asia’s best performers in the last three years, are seen offering a more subdued return as India’s central bank nears the end of an easing cycle that began in early 2015. Equity valuations relative to bonds are the most attractive since 2013, according to Morgan Stanley, which has India among its top emerging-market picks.
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The only result of the 2017 UP elections that should be surprising is a BJP loss.@pravchak writes why: https://t.co/bIT3tX4Hss pic.twitter.com/ICxjER4Gix
— BloombergQuint (@BloombergQuint) January 5, 2017
3-Month Stock Performance of Cement Makers
North Eastern Carrying Corp. Up 47% In 6 Days
#BQPollOfTheDay | Nifty Bank options' weekly expiry is today. Where will it close?
— BloombergQuint (@BloombergQuint) January 5, 2017
The Nifty Metal Index gained as much as 2.1 percent, against a 0.9 percent advance in the broader Nifty 50 Index. The sectoral gauge, which was the top performer of last year, has gained five times in the last six trading sessions.
Vinati Organics Rallies
Movers & Shakers: SBI, Sun Pharma, Swan Energy And More
For a complete list of stocks to watch, click HERE
In the sovereign bond market, the mood remains positive as the data on growth continues to stay bleak. India's dominant service sector is set to contract for a second straight month, adding evidence that demonetization will trigger a slowdown in Asia's third largest economy.
The yield on the benchmark note dropped 8 basis points in the last session to 6.36 percent. Though market participants believe there is some more room for yields to fall, the current levels are surely attractive for buyers.
The dollar fell from a 14-year high as the Fed minutes highlighted concerns about the impact of strong currency on the new U.S. administration’s stimulatory economic policies.
Most members of the Federal Open Markets Committee (FOMC) reiterated their call to maintain a ‘gradual’ pace of rate hikes over the coming years, according to the minutes of the December 13-14 meeting released on Wednesday.
In bond news, the three-month London interbank offered rate breached 1 percent for the first time since 2009. Yesterday’s increase was the largest since the Federal Reserve boosted rates three weeks ago.
In commodities, Crude oil futures were little changed after yesterday’s 1.8 percent advance. U.S. crude inventories were projected to have declined while OPEC and other producers implemented promised production cuts.
Gold rose for the third consecutive session to trade above the $1,170 per ounce mark.
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