BSE Sensex and Nifty were higher in early trade, tracking gains in Asian markets and a rebound in Wall Street overnight. The BSE Sensex rose as much as 215 points in early trade while Nifty hit 7,783 at day's high. Gains were broad-based today with all the sectoral indices on the BSE trading in the green. At 9:45 a.m., the Sensex was up nearly 150 points while Nifty was hovering around 7,770.
Here are top 10 developments
1) Banking stocks rebounded today with Bank Nifty rising nearly 1 per cent. Banking stocks had come under strong selling pressure in the past few days after HDFC Bank slashed its lending rate and the Reserve Bank of India issued draft guidelines for its proposed plan to change how banks calculate their lending rates. Realty and capital goods stocks also saw strong buying action.
2) Asian markets were mostly higher today with Japan's Nikkei rising 1.4 per cent. Chinese share markets are closed today for a holiday. Overnight, the Dow Jones industrial average rose 293.03 points, or 1.82 per cent while S&P 500 gained 35.01 points, or 1.83 per cent.
3) Concerns over global growth, particularly about China's economy, and possibility of a rate hike in the US have roiled global markets including India. The Sensex has last over 9 per cent since China devalued its currency on August 11.
4) The head of the International Monetary Fund (IMF) Christine Lagarde earlier this week said global growth is likely to be weaker than expected due to a slower recovery in advanced economies and a further slowdown in emerging nations.
5) But emerging market currencies and equities could face more pressure if Friday's US payrolls data boost expectations that the US Federal Reserve is on course to raise interest rates later this year.
6) Despite the government granting relief to foreign funds on minimum alternative tax, foreign institutional investors sold Indian shares worth Rs 1,573.42 on Wednesday. On Tuesday, they had sold shares worth Rs 675.32 crore.
7) Analysts have welcomed the government's decision on MAT but they don't see much impact from it on domestic markets in the short term. Concerns over global growth and a fall in commodity prices have seen foreign investors pull out record sums from emerging markets. Analysts say that unless the selling pressure from foreign investors ease, Indian markets are not likely to regain a steadier footing.
8) The government's announcement on MAT came in the wake of record selling from foreign investors last month. In August, foreign investors sold shares worth Rs 16,877 crore.
9) Domestic institutional investors have remained buyers of Indian shares over the past few days, offering some support to domestic markets. On Wednesday, they bought shares worth Rs 880.27 crore.
10) The rupee traded lower at 66.25/dollar against yesterday's close of 66.19.
Here are top 10 developments
1) Banking stocks rebounded today with Bank Nifty rising nearly 1 per cent. Banking stocks had come under strong selling pressure in the past few days after HDFC Bank slashed its lending rate and the Reserve Bank of India issued draft guidelines for its proposed plan to change how banks calculate their lending rates. Realty and capital goods stocks also saw strong buying action.
2) Asian markets were mostly higher today with Japan's Nikkei rising 1.4 per cent. Chinese share markets are closed today for a holiday. Overnight, the Dow Jones industrial average rose 293.03 points, or 1.82 per cent while S&P 500 gained 35.01 points, or 1.83 per cent.
3) Concerns over global growth, particularly about China's economy, and possibility of a rate hike in the US have roiled global markets including India. The Sensex has last over 9 per cent since China devalued its currency on August 11.
4) The head of the International Monetary Fund (IMF) Christine Lagarde earlier this week said global growth is likely to be weaker than expected due to a slower recovery in advanced economies and a further slowdown in emerging nations.
5) But emerging market currencies and equities could face more pressure if Friday's US payrolls data boost expectations that the US Federal Reserve is on course to raise interest rates later this year.
6) Despite the government granting relief to foreign funds on minimum alternative tax, foreign institutional investors sold Indian shares worth Rs 1,573.42 on Wednesday. On Tuesday, they had sold shares worth Rs 675.32 crore.
7) Analysts have welcomed the government's decision on MAT but they don't see much impact from it on domestic markets in the short term. Concerns over global growth and a fall in commodity prices have seen foreign investors pull out record sums from emerging markets. Analysts say that unless the selling pressure from foreign investors ease, Indian markets are not likely to regain a steadier footing.
8) The government's announcement on MAT came in the wake of record selling from foreign investors last month. In August, foreign investors sold shares worth Rs 16,877 crore.
9) Domestic institutional investors have remained buyers of Indian shares over the past few days, offering some support to domestic markets. On Wednesday, they bought shares worth Rs 880.27 crore.
10) The rupee traded lower at 66.25/dollar against yesterday's close of 66.19.
