Monday, 11 July 2016

Indian Stock Market News ; Nifty above 8450, Sensex up 450 pts; Midcap index at record high

The Indian stock market opened with a strong positive gap Monday morning, as Friday's strong rally on Wall Street on the back of upbeat jobs data, and the resultant upswing in Asian markets today set up a solid platform for the bulls back home. We have been providing valuable Trading Tips to our clients through various methods.For more just visit www.marketmagnify.com/freetrial.php or Just Give Missed call us @91-78-79-88-11-22.
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The Indian stock market extended rally in morning trade with the Nifty reclaiming 8450 level for the first time since August 2015. The 30-share BSE Sensex rose 466.49 points or 1.72 percent to 27593.39 and the 50-share NSE Nifty was up 132.35 points or 1.59 percent at 8455.55. The broader markets remained strong with the Midcap index hitting record high. 

The Indian market breadth was strong as about four shares advanced for every share falling on the Bombay Stock Exchange. All sectoral indices traded in green with the PSU Bank and Infra rising the most. ICICI Bank, HDFC Bank, HDFC, Tata Motors, L&T, ITC and SBI surged 2-4 percent. Asia markets traded higher, bolstered by election results in Japan and Australia and shrugging off concerns a strong US jobs report might push the Federal Reserve closer to hiking rates.

Expectations that the government will manage to pass the much awaited GST Bill during the monsoon session of parliament and an encouraging report from the weather office are also aiding the rally.The BSE benchmark Sensex is up 450.96 points or 1.66% at 27,577.86, slightly off a high of 27,591.95 it touched a little while ago. The Nifty50 of the National Stock Exchange, which soared to 8455.85, is up 126.20 points or 1.52% at 8449.40.