Wednesday, 4 March 2015

Sensex, Nifty continue to rally; Coal India, Wipro weak

The RBI's surprise rate cut of 25 basis points (bps) powers the Bulls with the Sensex scaling 30000. The Sensex is up 264.44 points or 0.9 percent at 29858.17 and the Nifty gains 62.55 points or 0.7 percent at 9058.80. About 1398 shares have advanced, 906 shares declined, and 165 shares are unchanged.

Rate sensitive banks, auto and real estate stocks lead the way. Sun Pharma, ICICI Bank, Bharti Airtel, HDFC and Tata Motors are top gainers in the Sensex. Among the losers are Coal India, Hindalco, GAIL, Tata Power and Wipro.

Meanwhile, activity in India's services industry expanded at its fastest pace in eight months in February as improving domestic demand drove a surge in new orders. Increased activity at service firms, which make up over half the economy, is good news for policymakers - especially after last week's first annual budget from Prime Minister Narendra Modi's government failed to deliver big-bang reforms.

The HSBC Services Purchasing Managers' Index, which surveys around 350 private companies and is compiled by Markit, rose to 53.9 in February from 52.4, its highest since June 2014. A reading above 50 indicates growth. More information please visit this site

No comments: