INSUBCONTINENT EXCLUSIVE:
Sensex, Nifty on high: 26 out of 30 BSE Sensex stocks started on a higher note today.The domestic stock indices hit fresh record highs on
Thursday, thanks to domestic investors and positive global cues
The SP BSE Sensex surged over 400 points while the Nifty50 index crossed the psychological 11,000 mark after five months
The Sensex surpassed its previous high of 36,443.98 recorded on January 29, 2018
At 11.59 am on Thursday, the SP BSE Sensex traded at 36,672.37, with a gain of 406.44 points or 1.12% per cent while the broader Nifty50 was
Major gainers in the 30-share Sensex pack in the early session were Asian Paints Reliance, Kotak Bank, SBI, Coal India and Induslnd Bank
Hindustan Petroleum, IOC, BPCL, Dr Reddy's and HCL Tech were leading the pack of Nifty gainers in early trade today
All sectoral sub-indices were in the green today.Five key reasons that led to record high opening of Sensex, Nifty today:1
Crude oil prices: Asian stocks recovered on Thursday and were trading higher, after Brent crude recovered from its biggest one-day fall in
Brent crude prices rose more than $1 on the news that Libya would resume oil exports
Oil refining and marketing companies- HPCL, BPCL and IOC rallied around 4 per cent each in early trade on Nifty50 index
According to Viral Berawala, CIO, Essel Mutual Fund, "Overnight crude oil prices were down by 6 per cent after Libya said that exports of
States and China might start trade talks to resolve dispute
China and the US, being world's two biggest economies, have a huge impact on global markets
On Thursday, fresh news of trade talks led to positive trading of Asian shares
against US dollar today ahead of key macro data release
Investors are also optimistic ahead of the release of index of industrial production (IIP)", said Vivek Marwan, Financial Analyst.4
Buying by foreign investors: Foreign investors (DIIs) also contributed to the strong opening of the indices today
According to provisional data from the National Stock Exchange, foreign funds bought shares worth a net of Rs 636.27 crore, while domestic
institutional investors (DIIs) made purchases worth a net of Rs 15.33 crore on Wednesday.5
Technical perspective: Technical experts believe that banks will continue to surge
Dyaneshwar Padwal, AVP Technical Analysis, KIFS Trade Capital said, "Within the corrective pattern we recently observed the symmetrical
triangle break out on daily chart wherein renewed strength has been observed which brings optimism for near term, as bulls have broken the
intermediate psychological resistance of 11,000
In the current chart structure, Bank Nifty, on daily chart time frame, is moving in a clear uptrend
If we look at the relative rotation graph, it denotes on weekly time frame
Bank Nifty is moving in leading quadrant where relative strength and relative momentum is very high
We may expect it to continue to travel towards north, as bulls have broken the intermediate resistance of 27,000 level."
