Comments
The Sensex and Nifty surged nearly 1.3 per cent at the closing pre-close session on Monday on heavy buying in power, capital goods, healthcare and banking sector stocks amid firm global cues.
The 30-share BSE index Sensex surged 313.86 points to end at 25,413.78 and the 50-share NSE index Nifty jumped 102.55 points to end at 7.611.35.
All BSE sectoral indices were trading in the green. Among them, power and capital goods indices gained the most by 2.88 per cent and 2.18 per cent, respectively, followed by healthcare 1.8 per cent and banking 1.71 per cent.
Sun Pharma, Tata Power, ONGC, ICICI Bank and Dr Reddy's were the top five Sensex gainers, while the major losers were Bajaj Auto, M&M, Maruti, Tata Motors and Wipro.
Rajesh Agarwal, Head-Research, Eastern Financiers, in a report, said “Overall, we expect the markets to remain range-bound for the week. A pre-budget rally in certain sectors is also likely. Markets will also react to how circumstances in the Middle East and North Korea unfold.The course of global markets will be determined by an array of important economic data announcements expected during the week. Some include the US initial jobless claims and unemployment rates, US ,manufacturing and services PMI, EU unemployment rates, EU GDP growth, UK mortgage lending rates and Japan’s industrial production. All of these will determine how the world markets take shape in the coming week.”
European stocks were unchanged as investors awaited data on US home sales. Asian stocks firmed up ahead of a packed week of economic data that will test investor hopes for a pick-up in the US as well as the global economy.
Market participants were hoping to see evidence of an economic rebound in the United States in this week's slew of data that includes the June payrolls report to be released on Thursday.
Federal Reserve Chair Janet Yellen will give a speech on "financial stability" on Wednesday and will take questions.
The European Central Bank will hold its policy meeting on Thursday, a month after unleashing a far-reaching package of measures aimed at keeping the euro zone economy from slipping into a Japan-style deflation.
Consumer price figures for June are due to be released later on Monday. Globally, purchasing managers' indices (PMIs) for manufacturing are out on Tuesday and services on Thursday. They are expected to show a picture of growth or at least stability despite geopolitical tensions around Ukraine and Iraq.
Oil fell on speculation violence in Iraq will not curb the output from OPEC’s second-biggest producer.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.