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Sensex, Nifty gain for 7th consecutive day; Bharti gains 4%

13:00

The News International Team

01:25pm FII View

Hans Goetti, Head of Investment Asia, Banque Internationale says Indian market is a story that is on the verge of being rerated. In that context, it will remain the favourite of foreign institutional investors for the next two-three years.

While he believes commodities are unlikely to make a comeback into a bull market, gold may be bottoming out. “Gold is likely to be building a base and may trend higher in H2FY15.” He sees the emerging markets rallying despite a strong dollar.

01:00pm Market Check

The market rallied for the seventh consecutive trading session today aided by ECB stimulus announced yesterday evening. The Sensex surged more than 2000 points in seven days.

Sachin Shah of Emkay Investment Managers believes the undertone for the market is still buoyant. According to him, with the overall macros starting to show signs of improvement, and no major disappointment from earnings so far, has drawn FII flows into India.

There have been inflows to the tune of about USD 4 million into equity and debt just in the month of January, he adds.

The Sensex jumped 244.75 points to 29250.77 and the Nifty climbed 61.75 points to 8823.15 today. However, the broader markets remained under pressure as the BSE Midcap and Smallcap indices declined marginally. About 1062 shares have advanced, 1697 shares declined, and 250 shares are unchanged on the Bombay Stock Exchange.

Telecom operator Bharti Airtel spiked 4 percent. HDFC Bank, L&T, Tata Motors, HDFC, M&M, SBI, HUL, Tata Power, Sesa Sterlite and NTPC gained 1-3 percent while Infosys, TCS, GAIL, BHEL and Coal India declined 0.5-1.7 percent.

Indian markets will remain shut on Monday for Republic day.

European markets opened higher following stimulus of over one trillion euros announced by the European Central Bank yesterday.

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