Monday, 21 March 2016

NIFTY HITS TWO-MONTH HIGH OF 7700.....!!!!!!!!

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The Sensex advanced 333 points to close at 25,285 and Nifty rose 100 points to settle at 7704.Another reason for smart rally could be hopes of a rate cut in the upcoming RBI monetary policy meet that is scheduled to be held on April 5. Foreign institutional investors have bought more than Rs 1,700 crore worth of shares last Friday, when the Sensex rallied 275 points. So far in March, they made purchases of more than Rs 12,000 crore while domestic institutional investors sold nearly Rs 8000 crore worth of shares. The government on Friday cut interest rates for term deposits offered to millions of small savers after the Reserve Bank of India reduced interest rates by 125 basis points last year. Bank shares rose, tracking strong gains in bond markets. HDFC, HDFC Bank, ICICI Bank, State Bank of India, Punjab National Bank, Bank of Baroda and Axis Bank gained 1.5-3 percent. HUL topped buying list on Sensex, up 4 percent while Hero Motocorp and BHEL declined over a percent. The Indian rupee opened marginally up by 4 paise at 66.51/$ on Monday as against the previous close of 66.55/$. On Friday, rupee traded on a firm note, helped by the buoyancy in equity markets Persistent Systems Ltd stock was higher by 10% at Rs. 736. The company announced it is working with IBM to improve and transform engineering processes, integrating new specialized consulting services via the IBM Watson Internet of Things (IoT) Platform to help engineers integrate massive amount of data from the IoT into product development On the global front, European markets also recovered after weak opening, tracking upside in oil prices. Germany's DAX gained nearly a percent followed by France's CAC and Britain's FTSE with 0.2 percent rise. Asian markets ended mixed with the China's Shanghai rising 2.2 percent.  


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