Thursday, 10 November 2016

Opening Bell - Sensex rallies over 200 points; Banking, Metal stocks lead

The S&P BSE Sensex is trading at 27,517, up 265 points, while NSE Nifty is trading at 8,556 up 123 points.

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The S&P BSE Sensex is trading at 27,517, up 265 points, while NSE Nifty is trading at 8,526 up 94 points.

Commodity market tips

The rupee opened lower at 66.39/$ as against the previous close of 66.42/$.

Asian markets opened deep in the green as oversold indices saw short covering coupled with fresh buying as the Dow Jones index touched new highs. This after huge intraday swings with US futures hitting lows of -800 points at one time. Bond yields on the US 10 year paper hit over 2% as optimism on growth with infra spending rising saw the yields near 9 month highs.        

The markets have been roiled for some time ever since the chances of a Trump victory surfaced though major bets remained on Hillary who eventually had to concede defeat. For now, Trump’s acceptance speech suggests he has indeed left the campaign ‘trumpisms’ aside and is set to usher in a new world order. The US markets may not have saluted his victory on Wednesday but he is known to be a friend of Wall Street.

Bonds and Gold which saw some smart up move failed to maintain their gains. Banks in India are stepping up activity to help cope with disruption caused by the withdrawal of Rs 500 and Rs 100 currency notes. While a lot of people are finding ways and means to change their high value notes, expectations are that earnings recovery could be pushed a few quarters further.

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