Nifty hits 8550, Sensex over 350 pts; Sun Pharma up 3%

Dalal Street CapitalHeight9:45 am Demonetisation: I&B minister M Venkaiah Naidu asked opposition parties to not try scoring “political points” on the Centre’s move to demonetise Rs 500, Rs 1000 notes as it will help in containing inflation, making housing affordable but will hit people like unscrupulous arms dealers. “Apart from curbing corruption and black money, this will bring down inflation, land prices will also get reduced and home buyers will have happy news,” Naidu who is also the minister for Urban Development as well Housing and Urban Poverty Alleviation said at a press conference here.

9:30 am Market outlook: The realty, agriculture and banking sector will greatly benefit from the surprise demonetization carried out by the government on Tuesday, says Rashesh Shah, Chairman & CEO, Edelweiss Financial Services.

There may be many difficulties across several sectors due to this move. But in theĀ medium to long-term, India’s economy will see a deflationary trend. The sudden ban on Rs 500 and Rs 1000 notes helps the government not only crack down on black money, but also counterfeiting of currency, says Shah.

He expects global growth to remain lukewarm with periodic shocks in the global market. Although he adds that he is positive on India and says it is very well insulated from global volitility.

Don’t miss: Upcoming Budget to further simplify tax policies: MoS Finance

The market has opened higher fueled by global market momentum. The Sensex is up 368.97 points or 1.3 percent at 27621.50 and the Nifty is up 114.80 points or 1.4 percentĀ at 8559. About 270 shares have advanced, 25 shares declined, and 3 shares are unchanged.

Sun Pharma, ICICI Bank, Adani Ports and Axis Bank are top gainers, no stock is in red in the Sensex. The Indian rupee opened marginally lower at 66.49 per dollar versus previous close 66.43.

Mohan Shenoi of Kotak Mahindra Bank said, “Trump presidency has triggered volatility in global equity, bond and currency markets. Dollar after initial sell-off rebounded well against major currencies.”

The US dollar rose broadly against its major rivals post trump’s victory. The Mexican Peso plunged to record lows on Wednesday, losing 7.8 percent to trade at 19.79 to the dollar.

Asian shares rebounded and the dollar firmed after global markets made a remarkable comeback from the shock of Republican Donald Trump’s presidential victory, dumping safe-havens for the tempting returns of risk assets.

Analysts were more than a little puzzled by the sharp reversal after global markets plunged initially on Wednesday as Trump swept to power. The Nikkei duly recouped all of Wednesday’s 5 percent loss and more to trade up 6 percent.

MSCI’s broadest index of Asia-Pacific shares outside Japan added 0.7 percent, while Australian stocks soared 3 percent in the largest daily gain since late 2011.

Investors again revised the outlook for US interest rates, with the probability of a December rate hike by the Federal Reserve going from as low as 30 percent to as high as 80 percent.

S&P 500 futures had shed 5 percent at one stage only to stand 1.1 percent higher late in the day.

S&P 500 futures had shed 5 percent at one stage only to stand 1.1 percent higher late in the day.

The Dow jumped 1.4 percent, while the cash S&P 500 and the Nasdaq both added 1.11 percent. Trading volume was the highest since June, when Britain also shocked traders by voting to abandon the European Union. The CBOE Volatility index , a gauge of investor anxiety, fell 23 percent and was on track for its biggest daily drop since late June.

Crude oil prices rose, as US financial markets bounced back from a early Brexit-like slide. Crude had tumbled as much as 4 percent early in the session, in the immediate aftermath of the US presidential election results. US crude tumbled to near USD 43, a near two-month low.

Gold held steady early on Thursday after briefly surging to a six-week high in the previous session, as global markets and the U.S. dollar showed surprise gains in the wake of Republican Donald Trump’s presidential victory.

Give Missed Call at +91 830-630-830-8

World Market Update by Money CapitalHeight






NASDAQ 53.56


Give Missed Call at +91 830-630-830-8