BSE Sensex and Nifty traded with nearly 1.5 per cent gains on Thursday, tracking higher global markets. The BSE Sensex rose over 350 points while Nifty traded firmly above 7,800.
Here are top 10 developments
1) Banking stocks rebounded today with Bank Nifty rising over 2 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 stocks also rose sharply with BSE realty index surging nearly 5 per cent on rate cut hopes. Capital goods stocks also saw strong buying action.
2) Most of the Asian markets ended higher today with Japan's Nikkei rising 0.50 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) Major European markets were over 1.5 per cent higher today ahead of the European Central Bank's (ECB) monetary policy decision. The European Central Bank may have to consider fresh policy measures to prevent deflation in the single currency area, analysts said.
4) 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.
5) Traders will also be looking at Friday's US payrolls data. Emerging market currencies and equities could face more pressure if the 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 in a narrow range of 66.29 to 66.17 per dollar today, against yesterday's close of 66.25/dollar.
Here are top 10 developments
1) Banking stocks rebounded today with Bank Nifty rising over 2 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 stocks also rose sharply with BSE realty index surging nearly 5 per cent on rate cut hopes. Capital goods stocks also saw strong buying action.
2) Most of the Asian markets ended higher today with Japan's Nikkei rising 0.50 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) Major European markets were over 1.5 per cent higher today ahead of the European Central Bank's (ECB) monetary policy decision. The European Central Bank may have to consider fresh policy measures to prevent deflation in the single currency area, analysts said.
4) 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.
5) Traders will also be looking at Friday's US payrolls data. Emerging market currencies and equities could face more pressure if the 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 in a narrow range of 66.29 to 66.17 per dollar today, against yesterday's close of 66.25/dollar.
