Monday January 7, 10:30 AM
New Year party continues... |
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By Equitymaster.com
Investors continue to put their faith in an economic recovery over the near term. The New Year rally has taken off on a sharp note this morning. Supporting this sentiment is the higher close on the NASDAQ and Dow. Asian markets are also trading higher.
The BSE Sensex is at 3,420 (up 44 points) and the NSE Nifty is at 1,106 (up 10 points). The rupee is trading at Rs 48.27 per US dollar.
The U.S markets continued to rise, as more investors buy the theory of an economic recovery in the near term. Both NASDAQ and Dow closed higher. This could have, among other things, fueled the buying in tech stocks. The gainers this morning are Infy (2.5%), Sify (3%), Wipro (3%), Hughes (2%), Digital (2%), HCL (HCLL.BO, news) Tech (3.4%), Visual (3%), HFCL (3%) and Global (2%).
Punjab Tractors (5%) is the key gainers this morning among auto stocks. However, volumes are not too encouraging. With bets of an agricultural led economic recovery tractor manufacturers could witness a marked improvement in business. This belief seems to be reflected in the markets.
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