AgenciesDomestic benchmark indices opened higher on Monday as a strong set of jobs data released in the US last week provided a boost to investor sentiment.
At 9.45 am, the BSE Sensex was trading nearly 400 points or 0.65 per cent higher close to 59,200. Nifty50 was trading at 17,635.95, up 96.50 points or 0.55 per cent.
V K Vijayakumar, Chief Investment Strategist at said that US jobs generation figures and employment data released last Friday are favorable from the equity market perspective. Jobs generation (3,15,000 in August) continues to be strong indicating a robust economy. This would have called for a hawkish Fed action on 21st September, but unemployment rising from 3.5 per cent to 3.7 per cent and declining wage growth reflect a slowing economy and proof that rate hikes are working.
“The Fed may again hike the rate by 75 bps this month; it is also possible that the hike may be 50 bps. Either way, the market is unlikely to be surprised,” Vijayakumar said.
At present, India is the best-performing market globally. FIIs turning buyers has imparted strength to the market. Derivatives data indicates high volatility ahead, Vijayakumar added.
Among Sensex stocks, rose 1.03 per cent to Rs 1,938. , and up 0.08 per cent, 0.96 per cent and 0.85 per cent, respectively. , and rose 0.83 per cent, 0.81 per cent and 0.76 per cent, respectively.
Sectorally, the Nifty Metal index surged 1.28 per cent, while Nifty Realty rose 0.88 per cent. Nifty Bank and Media also opened higher. Nifty Midcap50 and Smallcap50 rose 0.40 per cent and 0.53 per cent, respectively.
The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, rose 0.40 per cent to 109.97 level.
On Friday, US markets settled lower, Nasdaq was down 1.31 per cent, Dow Jones fell 1.07 per cent and S&P 500 declined 1.07 per cent.
At 9.45 am, the BSE Sensex was trading nearly 400 points or 0.65 per cent higher close to 59,200. Nifty50 was trading at 17,635.95, up 96.50 points or 0.55 per cent.
V K Vijayakumar, Chief Investment Strategist at said that US jobs generation figures and employment data released last Friday are favorable from the equity market perspective. Jobs generation (3,15,000 in August) continues to be strong indicating a robust economy. This would have called for a hawkish Fed action on 21st September, but unemployment rising from 3.5 per cent to 3.7 per cent and declining wage growth reflect a slowing economy and proof that rate hikes are working.
“The Fed may again hike the rate by 75 bps this month; it is also possible that the hike may be 50 bps. Either way, the market is unlikely to be surprised,” Vijayakumar said.
At present, India is the best-performing market globally. FIIs turning buyers has imparted strength to the market. Derivatives data indicates high volatility ahead, Vijayakumar added.
Among Sensex stocks, rose 1.03 per cent to Rs 1,938. , and up 0.08 per cent, 0.96 per cent and 0.85 per cent, respectively. , and rose 0.83 per cent, 0.81 per cent and 0.76 per cent, respectively.
Sectorally, the Nifty Metal index surged 1.28 per cent, while Nifty Realty rose 0.88 per cent. Nifty Bank and Media also opened higher. Nifty Midcap50 and Smallcap50 rose 0.40 per cent and 0.53 per cent, respectively.
The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, rose 0.40 per cent to 109.97 level.
On Friday, US markets settled lower, Nasdaq was down 1.31 per cent, Dow Jones fell 1.07 per cent and S&P 500 declined 1.07 per cent.
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