Friday May 24, 10:30 AM
Clouds clear, markets cheer... |
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By Equitymaster.com
The bourses have bounced back this morning, as fears of war seem to have subsided. The Prime Minister seems to have dramatically softened his stand indicating a much-reduced war probability. The U.S markets closed higher. Also, Asia is in the positive.
The BSE Sensex is at 3,189 (up 75 points) and the NSE Nifty is at 1,048 (up 21 points). The rupee is trading at Rs 49.01 per US dollar.
Buying is seen across the board, as war clouds seem to clear over the Northwestern border. Consequently, investors' have rushed into the markets. Reliance (RELI.BO, news) Industries (2.8%) and Reliance Petroleum (2.7%) have moved higher this morning. The group has sizable assets in proximity to the border, which led to the sharp drop on the bourses over the past week. Bargain hunters have entered the counter.
HLL (2.2%), the darling defensive counter, is also in the gainers list. The stock has come down significantly after the company announced 1Q results. The slowdown in the FMCG sector has taken a toll on growth rates. The stock this morning has picked up from below Rs 190.
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