Daily Market
Indian equity markets up 2.58%.
Nifty up 133.00 pts and settle at 5288.75.
Sensex was up 410.00 pts at 17401.46.
Bank Nifty up 352.75 pts at 10326.85.
Global Market
European markets were up with FTSE up by 116.04 pts at 5609.10, CAC up by 116.81 pts at 3168.49 and DAX up 230.41 pts at 6380.32
Dow future up 197.00 pts at 12723.00.
SP/CS Composite-20 HPI y/y is 2.0M previous 1.7M
Market Analysis
Positive global cues and a turnaround in domestic sentiments drove equities to a two month high Friday. The 30-share BSE Sensex jumped 439 points or 2.6% to end at 17,430, a level seen for the first time since May 2. The 50-share Nifty index advanced 130 points to close at 5,279The rupee, too, pulled back sharply gaining 1.4%, and traded below the psychological 56 to the dollar mark. European stocks maintained morning gains on the back of the agreement to use the continent's permanent bailout fund to recapitalize struggling banks. EU leaders also agreed to the idea of a tighter union in the long term. Spains IBEX index traded off the day's high, rising 2.5% while the CAC 40 benchmark in France extended gains, rising 2.4% higher. Earlier, Asian stocks closed near the day's high. The benchmark in Hong Kong jumped 2.2%, while Japan's Nikkei index ended 1.5% higher Banks, metals, power, and capital goods stocks saw strong buying interest and gained 3-4% on the BSE. ICICI Bank, ITC, Reliance Industries, LT, and HDFC Bank were the top Sensex movers, adding over 200 index points to the BSE benchmark Oil and gas major Cairn India (-5.9%) and oil refiner BPCL (-0.85%) were the only two stocks to end lower on the Nifty index. Cairn India shares fell after its erstwhile promoter Cairn Energy sold shares in the open market The market breadth was strong with over 85% stocks rising on the broader BSE 500 index
News you can use
The Indian rupee hit a one-week high against the dollar on Friday after the government released draft guidelines for General Anti Avoidance rule on Thursday
Monsoon rains 18 per cent below average in week to June 27 reflecting a lull phase over oilseed-growing areas of central India
The growth of eight core sector industries picked up at 4.6 per cent in May, from2.2 percent in April.
Factors to watch:
Rupee to stop falling?
Progress of rains/US storm impact on Oil Prices.
Low Bond yields expecting out of turn action by RBI?
Volatility ahead of FO expiry.
Government Rejig: Who will be the FM?
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