Wednesday, November 21, 2018

Upward rally for Markets continue for 8th day in a row

Markets end green for the eight consecutive day, but world markets cautioned after strikes in Syria

  • Upward rally for Markets continue for 8th day in a row

By Suyash Desai

The upward rally for the markets continue, as it gains for the eight consecutive day. At the end of the day’s trade, the 30-share BSE Sensex was gained 112.78 points to end at 34, 305.43 and the 50-share NSE Nifty gained 47.75 points to conclude at 10,528.35.

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“Markets in India opened with a gap down as they followed the negative tone set by their Asian peers. Asian and European markets were somewhat benign today as investors assessed the airstrikes against Syria over the weekend and the potential global impact of the same. However, a bout of volatility and some stable macro-economic updates later, benchmark indices in India regained lost ground to finally close the day with gains of over 0.30%,” said Abhijeet Dey- senior fund manager, Equities at BNP Paribas Mutual Fund.

The trading session ended with HeroMotocop, Cipla, Grasim Industries, UPL, MTPC and Kotak Bank being amongst the top gainers while Tata Motors, Infosys, Wipro, SBI and Titan were top losers.

“Barring PSU banking and Information Technology (IT), all other sectoral indices on the National Stock Exchange (NSE) traded with gains,” said Dey.

In broader markets, BSE Midcap index closed 0.34 per cent up at 16,734.31 and the Smallcap index closed 0.56 per cent higher at 18,082.25.

All major markets across the World, except Nikkei ended red after the airstrike on Syria by the US, the UK and France. Shanghai Composite and Hang Seng fell more than 1.50% and at the time of writing this piece, FTSE 100 was down by 0.51%, DAX was down by 0.13% and S&P 500 had closed 0.29% down on the previous day.  

Meanwhile, gold gained 0.31% by closing on Rs 31,216371 while crude oil prices dipped 1.07% to end at Rs. 4,354.

The 10 year benchmark G sec hardened to close at 7.4865.