Sensex and Nifty's record surge | Fusion - WeRIndia

Sensex and Nifty’s record surge

Sensex and Nifty’s record surge

BSE Sensex and Nifty rose to great heights for the second consecutive day. They were boosted due to the momentum of recent reform measures announced by the government and higher global markets.

Sensex rose over 500 points to a new high of 27,854, while Nifty rose by nearly 150 points to cross 8,300 for the first time.

Global markets too rallied following the expansion of the massive stimulus programme by the Bank of Japan. Tokyo’s Nikkei share index jumped by about 5 per cent in its biggest rise since June, 2013. European stocks also went high, while US prices indicate that there would be success with the resumption of trading in New York.

India’s economy is expected to look up in the second half of the fiscal year right upto March 2015. There are hopes that the RBI may be able to ease monetary policy as early as December, after a slowdown in consumer price growth.

The international sharp drop in global crude prices at a four-year low have also helped in the financial gain. The fall in Brent crude is expected to encourage savings for the Indian economy, which is likely to narrow the current account deficit as well as the fiscal deficit.

The foreign investors are now big buyers of Indian equities although they stayed away for most of the month. Yesterday, they bought Indian equities worth Rs. 1,257 crore, adding to the Rs. 755 crore purchase on October 29.

IT stocks led the gains today on unexpected growth in the US economy, which is the biggest market for Indian outsourcers. Yesterday’s information shows that the US economy has grown by 3.5 per cent in the third quarter.

Image Credit: MagnitudoOritur / CC BY-SA 4.0

Image Reference:

Leave a Reply

Your email address will not be published. Required fields are marked *