The start of this week's trading session begins on a bull tone led by broad-based buying across sectoral indices. Sensex has risen to over 54,583 and Nifty 50 surged by at least 16,321. Both the indexes were near their day's high. Markets performance comes after RBI kept the policy repo rate unchanged at 4% with an accommodative stance.
Furthermore, the Asian counterparts recovered their early losses and were trading in green that also swayed sentiments in Indian benchmarks. Traders reacted to an upbeat U.S. jobs report that is said to take the US Federal Reserve a step closer in winding back its stimulus. Japanese and Singapore markets are shut for a holiday.
At around 09.55 AM, Sensex was trading at 54,575.76 up by 298.04 points or 0.55%. Nifty 50 trades at 16,316.80 higher by 78.60 points or 0.48%.
Except for metal and pharma stocks, all other sectoral indices traded on a bull run with banking, IT, auto and consumer durables outperforming.
Top gainers on Sensex were - M&M surging 2.3% after Q1 results. Bajaj Finserv climbing 2.2% followed by Titan and Tech Mahindra rising by 1.6% and 1.5% respectively.
Stocks like IndusInd Bank, Asian Paint, Axis Bank, ICICI Bank and Bajaj Auto jumped more than 1% each.
Top bears on Sensex were - Tata Steel, Dr Reddy's Lab, RIL and Bharti Airtel plunging between 0.3-0.5%.
Companies that are set to announce their Q1 results today and will be in focus are - Shree Cement, Astrazeneca Pharma India, Balrampur Chini Mills, Birla Tyres, Bombay Dyeing, Chemcon Speciality Chemicals, Clean Science and Technology, Gati, Gujarat State Petronet, Indian Hotels, Laxmi Organic Industries, MRF, Nilkamal, Reliance Power, Satin Creditcare Network, Shalby, Shankara Building Products, Subex, Suven Life Sciences, Timken India, and Venky's (India).
The IPO market will also witness a host of companies launching their public offering. This week, four companies namely CarTrade Tech, Nuvoco Vistas Corporation, Aptus Value Housing Finance India and Chemplast Sanmar.
CarTrade Tech and Nuvoco IPO will begin from today, while the other two will be launched from tomorrow onward.
Also, the week will be busy with major economic data like CPI Inflation and factory output will be released.
Last week, on Wall Street, US indices bounced back on Friday as jobs data beat all estimates with the unemployment rate falling to 2-year lows. Bond yields recover sharply to 1.30% as confidence in growth revives sentiment.US$ sees fresh strength trading near 92.89. Money buys financials and sells technology stocks as markets rearrange priorities.
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