Friday, 22 August 2014

Markets open higher; Nifty hits fresh record high

opened higher, amid firm global cues, led by index heavyweights Reliance Industries and Infosys.

At 9:25AM, the 30-share was up 104 points at 26,464 and the 50-share was up 25 points at 7,916 after hitting a record high of 7,925.

US stocks ended higher on Thursday, with the S&P 500 at a record after a flurry of positive economic data, as investors hoped for signs from an annual meeting of central bankers that interest-rate hikes are not imminent.

The S&P 500 broke two records during Thursday's session, climbing past its previous intraday all-time high of 1,991.39 and ending above its previous record close of 1,987.98. Both had been set on July 24. Investors are anticipating that the benchmark index will touch the 2,000 level, which it has yet to breach.

Asian shares rose in early trading on Friday, after upbeat U.S. data sparked another record close on Wall Street.

U.S. home resales rose to a 10-month high in July, factory activity in the mid-Atlantic region hit its highest level since March 2011 in August, and a gauge of future economic activity grew solidly last month.

MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.1% in early trading, on track for a weekly gain of 0.4 percent. Japan's Nikkei stock average added 0.2%, poised for a robust 1.9% weekly rise.

BSE IT index was the top sectoral gainer on the BSE along with Bankex, Oil and Gas, Metal, Capital Goods among other. The BSE Healthcare index was the sole loser in early trades.

HDFC, Reliance Ind, Infosys, SBI, TCS and L&T contributed the most to the Sensex gains in opening trades.

Auto shares witnessed profit taking with Bajaj Auto trading marginally lower.

Among other shares, Promoters of no-frills airline SpiceJet will make a fresh infusion in the cash-strapped airline. Board approves increase in authorised share capital to Rs 1,500 crore from Rs 1,000 crore. The stock was up 3%.

Axis Bank-country's third largest private sector bank-has now joined the bandwagon of lenders that will be raising money via long term bonds. The stock was up nearly 1%.

Market breadth was strong with 910 gainers and 288 losers on the BSE.

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