Markets continue upward march; Rate sensitives rally

Markets have kicked off the September series on a robust note mirroring strength in the global peers on the back of strong US GDP data. Prospects of a delayed US Federal Reserve interest rate hike, robust US economic data and fresh stimulus injection in China revived the trading sentiments.

At 11:40AM, the 30-share Sensex was up 372 points at 26,603 and the 50-share Nifty was up 120 points at 8,069. In the broader market, BSE Midcap and Smallcap space are up 1.4% each. The market breadth is firm with 1,668 shares advancing versus 658 shares declining.

RUPEE

After gaining in the previous session, the rupee lost 8 paise to 66.11 against the US dollar following fresh demand for the US currency from banks and importers on the back of higher dollar overseas.

CRUDE OIL

The oil prices jumped by more than 10% on Thursday, posting their biggest one-day rally in over six years following a report that Venezuela asked the Organization of the Petroleum Exporting Countries to hold an emergency meeting   Indian Stock Market  Astrology Prediction

STOCK TRENDS

All sectoral indices are trading in green with BSE Power, Realty, Oil & Gas, IT, Bankex are trading higher between 1.5-2%.

Oil exploration companies such as Oil and Natural Gas Corporation (ONGC), Oil India and Cairn India are trading higher by over 5% each after oil prices jumped by more than 10% on Thursday, posting their biggest one-day rally in over six years.

IT majors Infosys, Wipro and TCS are trading higher between 0.1-2.7% on the back of depreciating rupee   Himanshu Tiwari Astrologer Blog

Vedanta on Thursday said a collapse in aluminium prices and lack of availability of bauxite from Odisha had forced the conglomerate to opt for a gradual closure of its Lanjigarh facility in the state.

Shares of drug maker Cipla are trading higher by 1%on the Bombay Stock Exchange (BSE) after the company decided to foray into nutritional business and launch full range of nutritional products over the next 12-18 months. 

Drug firm Lupin received approval from US health regulator USFDA to market generic Omeprazole delayed-release capsules, used to treat ulcer, in the American market. However, the stock is down 0.6% on profit booking.

In the back drop of magi controversy, noodle makers including ITC have seen demand shrink. And ITC has even had to cut down its output in order to adjust production cycles with demand. The stock is trading down by 0.5%.

HDFC extended gains and is up 1%. The Smart City projects announced across the country would help boost demand for home loans  Commodity Trading Tips

Financials, Auto and Realty stocks are firming up as investors hope for a rate cut by the RBI after  a top official of Federal Reserve said that a September rate hike from the US agency looks "less compelling" in the wake of global growth concerns. 

Axis Bank, HDFC twins, SBI and ICICI Bank are up between 1-3%. In the auto pack, Bajaj Auto, Tata Motors, M&M, Hero motocorp are trading higher between 1-3.6%. In the realty space, DLF, Prestige Esatate, Ashiana Housing, HDIL, Oberoi Realty, Unitech up between 2.4-4%.