India’s leading maker of optical fibre cables, Sterlite Technologies jumped 8.3% in today’s session. The stock reclaimed its 200-day line on heavy volume. It is currently trading 26% below its 52-week high of Rs 415.
Daily Big Picture – Strong Global Cues Lift Indian Market
Today’s Action:
Major indices score smart gains; broader market outperforms once again.
Daily Market Review:
With trade war fears subsiding, the Indian stock market mirrored a strong rally in global equities. Both frontline indices scored decent gains for the second consecutive session.
Benchmark indices strengthened as the day progressed, before ending the session with gains of 0.8%. The Nifty finally overcame its resistance of 10,770, making an intraday high of 10,818. Trading volumes were higher on the index once again. Continue reading “Daily Big Picture – Strong Global Cues Lift Indian Market”
Chart Of The Day – Comeback in Sight? Avanti Feeds Soars 20%
Daily Big Picture – Market Takes Repo Rate Hike in its Stride
Today’s Action:
Nifty rebounds after three straight losses; midcap and smallcap stocks outperform.
Daily Market Review:
Frontline indices maintained positive momentum throughout the day, ending their three-session losing streak.
The Nifty and the Sensex closed with gains of 0.8 and 0.9%, respectively. Volumes picked up on both the composites.
Against the backdrop of rising crude oil prices and growing inflation concerns, the Reserve Bank of India increased key interest rate by 25 basis points to 6.25%. This marked the first rate hike under the NDA government. Continue reading “Daily Big Picture – Market Takes Repo Rate Hike in its Stride”